The Pakistani rupee rose higher against the US Dollar to extend its win streak to 21 days today after opening trade at 289 in the interbank market.
At 11:30 PM, it was bullish, rising as high as 280.725 after gaining ~Rs. 9 against the greenback.
Later, the interbank rate eased to the 283 level between 1:30 PM and 2:30 PM before anchoring trends for the remainder of the day.
In the last 18 sessions, the PKR has gained Rs. 23.43 against the greenback.
Open market rates across multiple currency counters stood in the 280-284 range today. Since September 4, the open market rate has recovered massively by roughly Rs. 54 against the greenback.
At close, the PKR appreciated by 0.37 percent to close at 283.62 after gaining Rs. 1.06 against the dollar today.
The rupee continued its good run 21st day in a row today. The gap between interbank and open market rates massively shrunk by roughly Rs. 52 last month, and already by ~Rs. 4 this week. The rates have gone down to as low as 280 and have since continued brief spikes to 284 today.
Pertinently, the rupee is down nearly Rs. 64 since January 2023. Since April 2022, it is down over Rs. 111 against the greenback. As per exchange rate movements witnessed today, the PKR has gained over Rs. 1 against the dollar.
The PKR was green against most of the other major currencies in the interbank market today. It gained 19 paisas against the Euro (EUR), 27 paisas against the Saudi Riyal (SAR), 28 paisas against the UAE Dirham (AED), and Rs. 1.42 against the Canadian Dollar (CAD).
Conversely, it lost seven paisas against the Australian Dollar (AUD) and 18 paisas against the British Pound (GBP) in today’s interbank currency market.
