The Pakistani Rupee gain against the US Dollar in inter-bank market during initial hours of trading.
At 11:20 am, the rupee saw a slight uptick to 285.60, marking a gain of Re0.37 in the inter-bank market.
On the preceding Monday, the rupee experienced positive momentum, closing at 285.97 against the US dollar.
In a correlated development, Pakistan’s Foreign Direct Investment (FDI) exhibited a 7% increase during the initial four months of fiscal year FY24, as reported by the State Bank of Pakistan on Monday.
Cumulatively, Pakistan attracted FDI totaling $525 million from July to October in FY24, up from $490 million in the corresponding period of the previous fiscal year (FY23), reflecting a $35 million increase.
On the international front, the US dollar marked new historic lows against major currencies such as the euro and yen on Tuesday. This depreciation was influenced by China guiding the yuan higher, contributing to a broader weakening of the dollar ahead of the release of minutes from the Federal Reserve.
