As businesses resumed operations after the Eid holidays, the Pakistani Rupee maintained its stability against the US Dollar in the foreign exchange market.
Currency dealers noted that despite the payment of $1 billion in Eurobond, the value of the rupee remained steady. The interbank rate saw a slight decrease of 6 paisas, with the dollar now valued at Rs277.88, compared to its previous close at Rs277.95 on the last working day before the Eid holidays.
#SBP has successfully executed the repayment of US$ 1 billion Pakistan’s International Bond on 12Apr2024 (principal plus interest). The payment was made to the agent bank for onward distribution to the bond holders.
— SBP (@StateBank_Pak) April 13, 2024
The stability of the rupee against the US dollar comes as a positive sign for the economy, especially following the significant payment made towards the Eurobond.
This resilience reflects confidence in Pakistan's financial markets and highlights the effectiveness of monetary policies in maintaining stability amidst external pressures.
Interbank closing #ExchangeRate for todayhttps://t.co/yKRIAPUxLE#SBPExchangeRate pic.twitter.com/xvg1WkWSOQ
— SBP (@StateBank_Pak) April 8, 2024
Fluctuations in Stock Exchange
In contrast to the currency market, the Pakistan Stock Exchange witnessed a fluctuating trend on the first day of the business week. The KSE100 index experienced a decline of 57 points, reaching 70,257 points after initially starting in the positive zone. This fluctuation underscores the volatility inherent in the stock market, influenced by various domestic and international factors.
**Analysis and Outlook:**
The stable performance of the rupee against the US dollar following the Eurobond payment indicates a favourable start to the business week for Pakistan's economy. While fluctuations in the stock market may raise concerns among investors, it is essential to assess the broader economic landscape and market dynamics. Continued monitoring and prudent decision-making by authorities will be crucial in navigating potential challenges and sustaining economic stability in the days ahead.
