Pakistani rupee remains stable at Rs279.67 against US dollar

In the inter-bank market on Thursday, the Pakistani rupee maintained its stability against the US dollar, closing at Rs279.67, according to the State Bank of Pakistan (SBP).

This follows a positive trend observed on Wednesday when the rupee gained ground, settling at the same rate of Rs279.67 against the US dollar, as reported by the SBP.

Caretaker Prime Minister Anwaar-ul-Haq Kakar has taken a significant step by directing the Ministry of Energy to collaborate with the Finance Ministry. 

The goal is to formulate and present a comprehensive and sustainable plan aimed at reducing the circular debt plaguing the power and gas sectors.

On the global front, the US dollar exhibited stability, maintaining a six-week high on Thursday. Investors are keenly awaiting key data releases, including GDP figures, to gain insights into the direction of US interest rates. 

Concurrently, the euro softened in anticipation of the European Central Bank’s policy meeting later in the day.

Recent data revealed an uptick in US business activity for January, coupled with a noticeable easing of inflation. 

The measure of prices charged by companies for their products recorded a decline to the lowest level in over 3-1/2 years.

The dollar index, gauging the US currency against six major rivals, experienced a marginal rise of 0.06 per cent, reaching 103.33. 

This follows a 0.2 per cent drop on Tuesday as traders consolidated positions ahead of the upcoming Federal Reserve policy meeting next week.