Rupee Up 3rd Day in a Row Against US Dollar to End the Week

The Pakistani rupee posted gains third day in a row against the US Dollar today after opening trade at 279 in the interbank market.

It was largely stable against the greenback during intraday trade and hardly parried any movement throughout the session after briefly touching 278 at 10:55 AM.

The interbank rate later dropped back to 280 before closing at the 279 level for the remainder of the day. Open market rates across multiple currency counters were stable in the 278-280 range today.

At close, the PKR appreciated by 0.03 percent to close at 279.90 after gaining eight paisas against the dollar today.

The rupee closed in the green second day in a row today. On a fiscal year-to-date basis, it has so far appreciated by 2.17 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 eight paisas against the dollar.

In a key development, local media reported on Thursday that Pakistan is set to enter negotiations with the International Monetary Fund (IMF) over the third and final loan tranche of $1.1 billion under the $3 billion Stand-By Arrangement (SBA).

Also, yesterday’s weekly reserves update showed that the country’s foreign exchange reserves had dipped below $7 billion on December 15, however, successful talks with IMF and subsequent inflows have pushed reserves to over $8 billion as of January 12.

The PKR was green against most of the other major currencies in the interbank market today. It gained two paisas against the UAE Dirham (AED), two paisas against the Saudi Riyal (SAR), 20 paisas against the Euro (EUR), and 30 paisas against the British Pound (GBP).

Meanwhile, it lost nine paisas against the Canadian Dollar (CAD) and 67 paisas against the Australian Dollar (AUD) in today’s interbank currency market.

Published by
ProPK Staff