Rupee Up 23rd Day in a Row Against US Dollar

The Pakistani rupee rose higher against the US Dollar to extend its win streak to 23 days today after opening trade at 283 in the interbank market.

At 11:30 PM, it was bullish, rising as high as 278 after gaining ~Rs. 4 against the greenback.

Later, the interbank rate eased to the 281 level between 1:30 PM and 2:30 PM before anchoring trends for the remainder of the day.

In the last 20 sessions, the PKR has gained Rs. 25.4 against the greenback.

Open market rates across multiple currency counters stood in the 278-283 range today. Since September 4, the open market rate has recovered massively by roughly Rs. 56 against the greenback.

At close, the PKR appreciated by 0.37 percent to close at 281.65 after gaining Rs. 1.04 against the dollar today.

The rupee continued its good run 23rd 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. 6 in October. The rates have gone down to as low as 277 and have since continued brief spikes to 284 today.

Pertinently, the rupee is down nearly Rs. 62 since January 2023. Since April 2022, it is down over Rs. 109 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 all of the other major currencies in the interbank market today. It gained two paisas against the Canadian Dollar (CAD), 28 paisas against the Saudi Riyal (SAR), 28 paisas against the UAE Dirham (AED), 64 paisas against the Australian Dollar (AUD), and Rs. 1.6 against the Euro (EUR).

Moreover, it gained Rs. 1.78 against the British Pound (GBP) in today’s interbank currency market.

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