The Pakistani rupee (PKR) reversed losses and posted gains against the US Dollar today.
The Pakistani rupee was largely stable throughout intraday trade today with the interbank rate gaining over 70 paisas to reach 283.15 by 11 AM. By 1:25 PM, it stayed at this level.
At close, the PKR appreciated by 0.01 percent and suspended movement at 283.88 after gaining four paisas today.
The rupee ended the day with gains today despite ongoing economic turmoil putting pressure on markets.
Currency dealers said markets were green today on little to no movement as cash counters saw scarce appearances of exporters who seem unwilling to part with foreign proceeds with the economy in disarray.
Today’s marginal gain suggests movement was safeguarded against negatives despite inflation data reporting massive commodity price hikes in the days to come.
Same as before, the deadlock with the International Monetary Fund (IMF) is making things tricky and confusing investors on both sides. The issue of external financing constraints is still a bit uncertain despite recent arrivals of assurances from the UAE and Saudi Arabia. The uncertainty is contributing to more exchange rate instability and putting more weight behind low capital inflows, further PKR drops, and inflationary pressures. Traders remain bearish on any growth in the near term.
Pertinently, the rupee is down nearly Rs. 54 since January 2023. Since April 2022, it is down over Rs. 101 against the greenback. As per exchange rate movements witnessed today, the PKR has gained four paisas against the dollar.
The PKR was all green against most of the other major currencies in the interbank market today. It held out against the UAE Dirham (AED), gained one paisa against the Saudi Riyal (SAR), 89 paisas against the Canadian Dollar (CAD), and 93 paisas against the Australian Dollar (AUD).
Conversely, it lost Rs. 1.39 against the Pound Sterling (GBP) and Rs. 2 against the Euro (EUR) in today’s interbank currency market.
