The Pakistani rupee rose 15th day in a row against the US Dollar today after opening trade at 289 in the interbank market.
At 11:30 PM, it was bullish, rising as high as 286 after gaining ~Rs. 5 against the greenback.
Later, the interbank rate eased to the 292 level between 1:30 PM and 2:30 PM before anchoring trends at 291 for the remainder of the day.
In the last 14 sessions, the PKR has gained Rs. 16.2 against the greenback.
Open market rates across multiple currency counters stood in the 288-292 range today. Since September 4, the open market rate has recovered massively by roughly Rs. 48 against the greenback.
At close, the PKR appreciated by 0.31 percent to close at 290.86 after gaining 90 paisas against the dollar today.
The rupee continued its good run today after last week’s announcement of General Elections by the Election Commission of Pakistan (ECP). The ECP has confirmed that the campaign will last for 54 days, while the election itself will be held at the end of January 2024.
The upcoming election, the direction of the Pakistani Rupee (PKR), and the International Monetary Fund’s November review are key market drivers in the short run, according to a report by Topline Securities.
The gap between interbank and open market rates has massively shrunk by roughly Rs. 48 in September. From 337 reported last Monday, the rates have gone down to as low as 288 and have since continued brief spikes till 292 today.
Pertinently, the rupee is down nearly Rs. 71 since January 2023. Since April 2022, it is down over Rs. 118 against the greenback. As per exchange rate movements witnessed today, the PKR has gained over 90 paisas against the dollar.
The PKR was green against all of the other major currencies in the interbank market today. It gained 24 paisas against the Saudi Riyal (SAR), 24 paisas against the UAE Dirham (AED), 82 paisas against the Canadian Dollar (CAD), Rs. 1.04 against the Euro (EUR), and Rs. 1.76 against the British Pound (GBP).
Moreover, it gained 87 paisas against the Australian Dollar (AUD) in today’s interbank currency market.