The Pakistani rupee rose slightly 3rd day in a row against the US Dollar today after opening trade at 282 in the interbank market.
At 11:30 PM, it was bullish, rising as high as 280 after gaining ~Rs. 1.5 against the greenback during intraday trade.
The interbank rate later dropped back to 281 before anchoring trends at the same level for the remainder of the day. Open market rates across multiple currency counters were stable in the 280-282 range today.
At close, the PKR appreciated by 0.10 percent to close at 281.4 after gaining 27 paisas against the dollar today.
The rupee closed in the green third day in a row today after halting its 13-day win streak on Tuesday. On a fiscal year-to-date basis, it has so far appreciated by 1.63 percent.
Overall, the rupee is down nearly Rs. 62 since January 2023. Since April 2022, it is down over Rs. 109 against the greenback. As per exchange rate movements seen today, the PKR has gained 27 paisas against the dollar.
In a key development, the liquid foreign exchange reserves held by the State Bank of Pakistan (SBP) soared by over $464 million on a weekly basis according to data issued by the central bank on Thursday.
Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $13.221 billion, up $365 million over the previous week. The net reserves held by banks stood at $4.999 billion, registering a decrease of $99 million during the week.
Last week, the central bank’s reserves posted an increase of $852.3 million. This means that, cumulatively, reserves have risen by $1.3 billion in the last two weeks.
Traders were left surprised at close today, expecting losses over the Senate’s questionable decision to delay General Elections next month. It bears mentioning that the release of the next IMF tranche may be in jeopardy next week if the lender takes a hint at the Executive Board meeting, they commented.
The PKR was green against all of the other major currencies in the interbank market today. It gained seven paisas against the UAE Dirham (AED), seven paisas against the Saudi Riyal (SAR), 72 paisas against the Euro (EUR), and Rs. 1.66 against the Australian Dollar (AUD).
Moreover, it gained 81 paisas against the British Pound (GBP) and 83 paisas against the Canadian Dollar (CAD) in today’s interbank currency market.
