The Pakistani rupee gained further ground 11th day in a row against the US Dollar today after opening trade at 283 in the interbank market.
At 11:30 PM, it was bullish, rising as high as 279 after gaining ~Rs. 4 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 281-283 range today.
At close, the PKR appreciated by 0.06 percent to close at 282.19 after gaining 17 paisas against the dollar today.
The rupee closed in the green 11th day in a row today. On a calendar year-to-date basis, it has so far depreciated by 19.76 percent and appreciated by 1.34 percent on a fiscal YTD basis.
Overall, the rupee is down nearly Rs. 63 since January 2023. Since April 2022, it is down over Rs. 110 against the greenback. As per exchange rate movements seen today, the PKR has gained 17 paisas against the dollar.
Traders told ProPakistani currency buyers, mostly those in the import/export business, are booking transactions in advance at optimal rates due to the State Bank of Pakistan’s strict zero-CAD policy i.e. imports must equal exports. Banks are facilitating as per requirements of the IMF’s cap limit on forex trade. Overall, the PKR is expected to post gradual gains in the next few weeks until the elections.
The PKR was red against some of the other major currencies in the interbank market today. It lost 33 paisas against the Euro (EUR), 56 paisas against the Australian Dollar (AUD), 78 paisas against the British Pound (GBP), and 78 paisas against the Canadian Dollar (CAD).
Conversely, it gained two paisas against the Saudi Riyal (SAR) and four paisas against the UAE Dirham (AED) in today’s interbank currency market.
