The Pakistani rupee rose 18th day in a row against the US Dollar today after opening trade at 290 in the interbank market.
At 11:30 PM, it was bullish, rising as high as 282 after gaining ~Rs. 8 against the greenback.
Later, the interbank rate eased to the 288 level between 1:30 PM and 2:30 PM before anchoring trends at 286 for the remainder of the day.
In the last 15 sessions, the PKR has gained Rs. 20.3 against the greenback.
Open market rates across multiple currency counters stood in the 282-288 range today. Since September 4, the open market rate has recovered massively by roughly Rs. 52 against the greenback.
At close, the PKR appreciated by 0.34 percent to close at 286.76 after gaining 98 paisas against the dollar today.
The rupee continued its good run 18th day in a row with traders citing promising market sentiments in the first two weeks of October. “Customers are getting greenbacks at rates as high as 282, some 284, and on average 286 all day. The selling spree is still hot as the streak stretches for a third successive week. A few black market deals were reported at a discount with premiums as low as 282 to as high as 287, which was helpful. We see another quiet month ahead,” one of them added.
The gap between interbank and open market rates has massively shrunk by roughly Rs. 52 in September. From 337 reported last Monday, the rates have gone down to as low as 282 and have since continued brief spikes till 288 today.
Pertinently, the rupee is down nearly Rs. 67 since January 2023. Since April 2022, it is down over Rs. 114 against the greenback. As per exchange rate movements witnessed today, the PKR has gained nearly Rs. 1 against the dollar.
The PKR was green against most of the other major currencies in the interbank market today. It gained 25 paisas against the Saudi Riyal (SAR), 26 paisas against the UAE Dirham (AED), 35 paisas against the British Pound (GBP), and Rs. 2.01 against the Canadian Dollar (CAD).
Conversely, it lost 46 paisas against the Euro (EUR) and 52 paisas against the Australian Dollar (AUD) in today’s interbank currency market.
