Rupee Ends ‘Noisy’ Week With Small Gains Against US Dollar

The Pakistani rupee ended the week with gains against the US Dollar today after opening trade at 280 in the interbank market.

It faced pressure against the greenback but managed to stay in the 279-280 range against the $ during intraday trade today.

The interbank rate stayed at 280 most of the day before closing at the 279 level. Open market rates across multiple currency counters were in the 279-280 range today.

At close, the PKR appreciated by 0.01 percent and closed at 279.36 after gaining two paisas against the dollar today.

On a fiscal year-to-date basis, the rupee has so far appreciated by 2.36 percent.

Overall, the rupee is down nearly Rs. 60 since January 2023. Since April 2022, it is down over Rs. 107 against the greenback. As per the exchange rate movements seen today, the PKR gained two paisas against the dollar.

Traders said the rupee/$ rate seems to be hovering around the 278-282 mark for another few weeks or so. This outlook is contingent on news of an IMF development soon, containing the current account deficit (unlikely but playable), and political clarity.

The PKR was red against some of the other major currencies in the interbank market today. It was stable against the Saudi Riyal (SAR) and the UAE Dirham (AED) and gained 89 paisas against the Canadian Dollar (CAD).

Conversely, it lost 58 paisas against the Australian Dollar (AUD), 80 paisas against the Euro (EUR), and 90 paisas against the British Pound (GBP) in today’s interbank currency market.

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