Rupee Rises 6th Day in a Row Against US Dollar

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The Pakistani rupee appreciated 6th day in a row against the US Dollar today after opening trade at 284 in the interbank market.

At 11:30 PM, it was stable, staying at the current level throughout the session.

The interbank rate remained on the same level before anchoring trends at 284 for the remainder of the day. Open market rates across multiple currency counters stood in the 283-286 range today.

At close, the PKR appreciated by 0.05 percent to close at 284.38 after gaining 15 paisas against the dollar today.

The rupee closed in the green 6th day in a row today. On a calendar year-to-date basis, it has so far depreciated by 20.38 percent and appreciated by 0.57 percent on a fiscal YTD basis.

Overall, 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 15 paisas against the dollar.

In the ongoing calendar year so far, the PKR has treaded both bullish and bearish waters, mostly bearish, with record-breaking spells of losses and brief episodes of lackluster gains. The combination of inflation and persistent depreciation of the Pakistani Rupee constrained market performance. Additionally, the postponement of elections and heightened political polarization contributed to a prevailing negative sentiment.

Current forecasts remain bearish for 2024, but across-the-board improvement in the business environment and implementation of fiscal reforms may thwart bears and inspire recovery, a trader commented.

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