The Pakistani rupee closed this week in green against the US Dollar third day in a row today after opening trade at 277 in the interbank market.
It was initially strong against the greenback and most of the other major currencies today.
The interbank rate stayed at 278 most of the day before closing at the same level. Open market rates across multiple currency counters were strictly in the 277-278 level today.
The PKR appreciated by 0.03 percent to close at 278.2 after gaining nine paisas against the dollar today.
On a fiscal year-to-date basis, the rupee has so far appreciated by 2.745 percent.
Overall, the rupee is down nearly Rs. 51.14 since January 2023. Since April 2022, it is down Rs. 95.14 against the greenback. As per the exchange rate movements seen today, the PKR gained nine paisas today.
In a key development, a 50-member delegation from Saudi Arabia will visit Pakistan on Sunday, May 5th, to discuss investment opportunities in various sectors. A few traders said any solid investment deal will give more confidence to market players and dent speculative forces.
The PKR was red against most of the other major currencies in the interbank market today. it lost 61 paisas against the Canadian Dollar (CAD), 73 paisas against the Euro (EUR), 82 paisas against the British Pound (GBP), and Rs. 1.01 against the Australian Dollar (AUD).
Meanwhile, it gained two paisas against the UAE Dirham (AED) and two paisas against the Saudi Riyal (SAR) in today’s interbank currency market.
