The Pakistani rupee rose higher against the US Dollar to extend its win streak to 28 days today after opening trade at 278 in the interbank market.
At 11:30 PM, it was bullish, treading the 275-278 level against the greenback.
Later, the interbank rate eased to the 277 level between 1:30 PM and 2:30 PM before anchoring trends for the remainder of the day.
In the last 25 sessions, the PKR has gained Rs. 30.22 against the greenback.
Open market rates across multiple currency counters stood in the 275-276 range today. Since September 4, the open market rate has recovered massively by roughly Rs. 61 against the greenback.
At close, the PKR appreciated by 0.29 percent to close at 276.83 after gaining 79 paisas against the dollar today.
The rupee continued its good run 28th 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. 9 in October. The rates have gone down to as low as 275 and have since continued brief spikes to 277 today.
Similar to Friday, the black market made a brief appearance during the early hours of trade with USD trading between 276-278 before erasing trends for the remainder of the day. Agents cited hoarders mostly in Kabul and Peshawar channels looking to offload dollars at cheap premiums as trade gradually transitions to interbank.
Pertinently, the rupee is down nearly Rs. 59 since January 2023. Since April 2022, it is down over Rs. 106 against the greenback. As per exchange rate movements witnessed today, the PKR has gained nearly 80 paisas against the dollar.
what does this mean please tell me
Gf