The Pakistani rupee (PKR) gained further ground and posted gains against the US Dollar today.
The Pakistani rupee was initially red throughout intraday trade today with the interbank rate losing over 40 paisas to reach 284.125 by 11 AM. By 1:25 PM, it rebounded and stayed at the 283 level.
At close, the PKR appreciated by 0.02 percent and suspended movement at 283.82 after gaining six paisas today.
The rupee ended the day with gains today after fresh developments in talks with the International Monetary Fund (IMF) drove exchange rate sentiments throughout the day.
Currency dealers said markets were green today with little to no movement but reacted positively to the lender’s ultimatum on additional subsidies without its prior approval.
Today’s marginal gain suggests movement was safeguarded against negatives despite inflation data reporting massive commodity price hikes in the days to come.
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 had a mixed showing against most of the other major currencies in the interbank market today. It gained two against the UAE Dirham (AED), one paisa against the Saudi Riyal (SAR), and eight paisas against the Canadian Dollar (CAD).
Conversely, it lost two paisas against the Australian Dollar (AUD), 22 paisas against the Euro (EUR), and Rs. 1.09 against the Pound Sterling (GBP) in today’s interbank currency market.
Despite the fact imf demands further hike in interest rates when so called immature market sentiments change? It’s called artificial controlling currency rates. Today usd not even available at 310 rupees in open market.