Rupee Posts Gains Against US Dollar 2nd Day in a Row

The Pakistani rupee (PKR) recovered further against the US Dollar and closed the week with good gains during intraday trade today.

The Pakistani rupee was largely green during the early hours of intraday trade today with the interbank rate gaining Rs. 1 to reach 281 by 11 AM. By 11:25 AM, it went as low as 284 before rebounding later during intraday trade.

At close, the rupee appreciated by 0.25 percent and suspended movement at 281.71 after gaining 71 paisas against the greenback.

The rupee reported gains second day in a row today after the foreign exchange reserves held by the central bank increased marginally on a weekly basis by $18 million to $4.319 billion, as per the latest SBP data.

The rupee is still down over Rs. 49 since its record-breaking single-day drop of Rs. 25 in the last week of January and has since then played in mostly red due to immense economic pressure. As per exchange rate movements witnessed today, the PKR has gained 71 paisas today, noting its second recovery after three days of discouraging losses.

Money changers say the government’s latest security narrative after exhausting efforts on the talks with the International Monetary Fund (IMF) was snubbed and heavily disregarded by traders.

While irrelevant and completely unrelated to the status of his office, Finance Minister Ishaq Dar on Thursday claimed in front of the Senate that nobody is going to compromise anything on Pakistan’s nuclear or missile program. “Nobody has any right to tell Pakistan what range of missiles it can have or what nuclear weapons it can have,” he said, emphasizing that the country has the right to have its own deterrent. One trader said exporters no longer care about government statements and may wait for LC clearances for ideal profit-taking if the need arises.

The PKR was bearish against most of the other major currencies in the interbank market today. It gained 18 paisas against the Saudi Riyal (SAR) and 19 paisas against the UAE Dirham (AED).

Conversely, it lost one paisa against the Canadian Dollar (CAD), 12 paisas against the Euro (EUR), 34 paisas against the Pound Sterling (GBP), and 98 paisas against the Australian Dollar (AUD) in today’s interbank currency market.

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