Indian and Pakistani currency markets show stability and strength

The Indian rupee opened stronger on September 7, rising 10 paise to 94.39 against the US dollar, reaching a near six-week high. This strength is attributed to significant foreign currency non-resident (FCNR-B) deposit inflows and ongoing intervention by the Reserve Bank of India (RBI) to stabilize the currency against global headwinds.

In Pakistan, the foreign exchange market remained stable. The US dollar was quoted at Rs277.95 for buying and Rs278.45 for selling against the Pakistani Rupee. Other major currencies included the Euro, British pound sterling, and various Gulf currencies such as the UAE dirham and Saudi riyal.