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Pakistan Rupee Strengthens Further Against US Dollar
The Pakistani rupee continued its upward trajectory against the US dollar, gaining 0.01% or Rs0.02, to close at Rs281.11, according to data from the State Bank of Pakistan (SBP). Over the past four months, the currency has appreciated by 9.25%, or almost Rs26, compared to its all-time low of Rs307.10 recorded in the first week of September 2023. The Exchange Companies Association of Pakistan (ECAP) reported a 0.08% appreciation, equivalent to Rs0.24, in the open market, with the closing rate at Rs281.94/$. The strengthening of the rupee is attributed to the rise in workers' remittances, which increased by 13% to $2.38 billion in December 2023 compared to the same period last year. The higher foreign currency inflows relative to their demand have contributed to the positive trend in the currency's value.
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