The Pakistani rupee went higher 7th day in a row against the US Dollar today after opening trade at 281 in the interbank market.
At 11:30 PM, it was stable, rising as high as 278 after gaining ~Rs. 5 against the greenback during intraday trade.
The interbank rate dropped back to 282 before anchoring trends at the same level for the remainder of the day. Open market rates across multiple currency counters were stable in the 282-283 range today.
At close, the PKR appreciated by 0.04 percent to close at 282.9 after gaining 11 paisas against the dollar today.
The rupee closed in the green 7th day in a row today. On a calendar year-to-date basis, it has so far depreciated by 19.96 percent and appreciated by 1.09 percent on a fiscal YTD basis.
Overall, the rupee is down nearly Rs. 65 since January 2023. Since April 2022, it is down over Rs. 112 against the greenback. As per exchange rate movements seen today, the PKR has gained 11 paisas against the dollar.
Notably, the market remains optimistic, with the International Monetary Fund (IMF) tipped to release its next tranche next month, which will strengthen the external situation and support the PKR. However, experts suggest any chances of disbursal may get wiped out if elections are derailed or any form of political instability hurts the economy.
