The Future of Rupee Hangs in the Balance as It Tightly Clings to a Resilient 285.15 Against the US Dollar.

The Pakistani rupee has strengthened against the US dollar by 0.21% in the inter-bank market, settling at 285.15 at close. However, in the open market, the US dollar was being traded in the range of 311-313 level against the greenback due to foreign currency shortage. The country’s total liquid foreign exchange reserves declined by $206 million during the last week. The Reforms & Revenue Mobilization Commission (RRMC) has recommended that petrol stations across the country should not accept cash payments for fuel purchases. Internationally, the US dollar stood near a two-month high against its major peers on expectations that US interest rates could remain higher for longer than initially expected. Oil prices were stable on Friday, as the market weighed conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting, a stronger US dollar and worries of weaker-than-expected demand growth.

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