The Pakistani rupee reversed losses against the US Dollar today after opening trade at 306.6 in the interbank market.
At 12 PM, it was bullish, rising as high as 305 after gaining ~Rs. 2 against the greenback, in tandem with opening-bell bulls which saw open market rates recover massively during the session.
Later, the interbank rate climbed to the 304 level between 1:30 PM and 2:30 PM before anchoring trends for the remainder of the day.
Since the caretaker government came to power, the USD has gained Rs. 15.60 against the PKR.
Open market rates (documented) across multiple currency counters stood in the 307-311 range.
At close, the PKR appreciated by 0.67 percent to close at 304.94 after gaining Rs. 2.04 against the dollar today.
In tandem with the International Monetary Fund’s requirement of maintaining a 1.25 percent premium on exchange rate movement, the gap between interbank and open market rates has massively shrunk by over Rs. 30 this week. From 337 reported on Monday, the rates have gone down by up to Rs. 33 to as low as 307 and have since continued brief spikes to as high as 311 today. A few individuals on market watch have suggested that buyers are few, while sellers are anxious to cash in.
The black market rate has dropped near to the Bank rate but the government’s latest crackdown has driven these players underground; so reporting of street rates remains uncertain, for now.
Pertinently, the rupee is down nearly Rs. 85 since January 2023. Since April 2022, it is down over Rs. 132 against the greenback. As per exchange rate movements witnessed today, the PKR has gained over Rs. 2 against the dollar.
It is noteworthy that the currency market has turned a new (read: ridiculous) leaf after authorities strengthened their control on exchange companies, ruthlessly chasing illicit currency traders across the country.
The PKR was green against all of the other major currencies in the interbank market today. It gained Rs. 1.32 against the Canadian Dollar (CAD), Rs. 5.25 against the British Pound (GBP), and Rs. 1.45 against the Australian Dollar (AUD).
Moreover, it gained Rs. 2.81 against the Euro (EUR), 53 paisas against the Saudi Riyal (SAR), and 55 paisas against the UAE Dirham (AED) in today’s interbank currency market.
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