The Pakistani rupee rose 10th day in a row against the US Dollar today after opening trade at 281 in the interbank market.
At 11:30 PM, it was bullish, rising as high as 278 after gaining ~Rs. 3 against the greenback during intraday trade.
The interbank rate dropped back to 281 before anchoring trends at the 282 level for the remainder of the day. Open market rates across multiple currency counters were stable in the 281-283 range today.
At close, the PKR appreciated by 0.06 percent to close at 282.37 after gaining 16 paisas against the dollar today.
The rupee closed in the green 10th day in a row today. On a calendar year-to-date basis, it has so far depreciated by 19.81 percent and appreciated by 1.28 percent on a fiscal YTD basis.
Overall, 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 seen today, the PKR has gained 16 paisas against the dollar.
The PKR has started the week on a high after news that the Exchange Companies Association of Pakistan (ECAP) has praised the State Bank of Pakistan’s (SBP) efforts to maintain exchange rate stability, as well as the announcement of a method for calculating open market exchange rates of USD dollar (USD), euro, pound sterling (GBP), Japanese yen (JPY), UAE dirham (AED) and Saudi riyal (SAR).
SBP has selected/notified 12 leading Exchange Companies with a large market share to provide daily exchange rates for six main currencies, including USD, EUR, GBP, JPV, AED, and SAR.
The contributing ECs will submit the market rates (buying and selling) to ECAP’s dedicated email between 4:00 PM and 4:30 PM, and the contributing Exchange Company will be required to quote the closing levels to ECAP.
The PKR was red against some of the other major currencies in the interbank market today. It lost 17 paisas against the British Pound (GBP), 33 paisas against the Canadian Dollar (CAD), 46 paisas against the Euro (EUR), and 59 paisas against the Australian Dollar (AUD).
Conversely, it gained four paisas against the UAE Dirham (AED) and four paisas against the Saudi Riyal (SAR) in today’s interbank currency market.
