The Pakistani rupee reversed Tuesday’s losses and posted gains against the US Dollar today after opening trade at 280 in the interbank market.
At 11:30 PM, it was stable, rising as high as 279 after gaining ~Rs. 1 against the greenback during intraday trade.
The interbank rate later dropped back to 280 before closing 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 0.05 percent to close at 280.1 after gaining 14 paisas against the dollar today.
The rupee closed in the green today after abruptly ending its 9-day win streak against the greenback on Tuesday. On a fiscal year-to-date basis, it has so far appreciated by 2.1 percent.
Overall, the rupee is down nearly Rs. 61 since January 2023. Since April 2022, it is down over Rs. 108 against the greenback. As per exchange rate movements seen today, the PKR has gained 14 paisas against the dollar.
The PKR was green against all of the other major currencies in the interbank market today. It gained 55 paisas against the British Pound (GBP), 56 paisas against the Canadian Dollar (CAD), Rs. 1.9 against the Australian Dollar (AUD), and Rs. 1.47 against the Euro (EUR).
Meanwhile, it gained four paisas against the UAE Dirham (AED) and four paisas against the Saudi Riyal (SAR) in today’s interbank currency market.
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Dollar losing value against rupee. Reason not known. Huge amount of foreign payments are to be made in 2024. It is understandable some countries will rollover their debt۔ This is not permanent solution and there is additional cost attached to this rollover۔ Buzz is also regarding taking new IMF loan۔ Question is there if any strategy to repay foreign debt۔ Certainly not if there is any that has not unfolded۔
New govt in order to gain popularity will install new projects by taking loans and this will further burden our economy۔
Make mid / long term strategies to pay off debt۔