The Pakistani rupee (PKR) went higher and gained big against the dollar during interbank trade on Thursday, rising as high as 263 against the greenback after the government started the implementation of the mini-budget late Tuesday night.
At close, the rupee appreciated by 0.38 percent and suspended movement at 264.38 after gaining Rs. 1 against the greenback.
The local unit was bullish against the dollar and opened trade at 265 in the open market. By midday, the greenback went lower against the rupee to around 264. After 1 PM, the local unit was largely green against the top foreign currency before the interbank close.
Today’s gains come after the government increased the prices of all petroleum products late Wednesday night, with prices of both petrol and diesel hitting an all-time high. After the hike, the new price of petrol will be Rs. 272 per liter, up by Rs. 22.20 per liter. Similarly, the price of high-speed diesel will now be Rs. 280 per liter, up by Rs. 17.20 per liter. The new prices are now live.
The rupee is still down over Rs. 30 since its record-breaking single-day drop of Rs. 25 in the last week of January after the currency was finally ‘freed’ against the US dollar in the inter-bank market. As per market trends and fiscal developments observed today, the PKR has managed to gain almost Rs. 1 for the 3rd time this week.
Money changers see short-term discipline in the coming days after Ishaq Dar introduced the Finance (Supplementary) Bill, 2023, announcing various amendments that include taxation measures totaling Rs. 170 billion (approximately $640 million) as Islamabad attempts to persuade the International Monetary Fund (IMF) to restart its bailout program.
The PKR was bullish against all of the other major currencies in the interbank market today. It gained 22 paisas against the Saudi Riyal (SAR), 27 paisas against the UAE Dirham (AED), 54 paisas against the Canadian Dollar (CAD), and 86 paisas against the Euro (EUR).
Moreover, it gained one paisa against the Australian Dollar (AUD) and Rs. 2 against the Pound Sterling (GBP) in today’s interbank currency market.
