Rupee Recovers Against US Dollar After Late Night Surprise

The Pakistani reversed losses against the US Dollar today after opening trade at 280 in the interbank market following some post-election clarity.

It was stable mostly against the greenback but managed to stay at yesterday’s level 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.

The PKR appreciated by 0.02 percent and gained six paisas to close at 279.49 against the dollar today.

On a fiscal year-to-date basis, the rupee has so far appreciated by 2.31 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 22 paisas today.

Today’s gains come after two political parties in Pakistan last night finally reached a formal agreement to form government.

Pakistan Muslim League-Nawaz (PMLN), backed by the Pakistan Peoples Party (PPP) as a coalition, will run the state of affairs in Islamabad. Both parties won fewer seats than candidates loyal to jailed former Prime Minister Imran Khan.

The PKR was red against most of the other major currencies in the interbank market today. It lost 82 paisas against the Euro (EUR), 71 paisas against the Australian Dollar (AUD), and 74 paisas against the British Pound (GBP) in today’s interbank currency market.

Meanwhile, it gained two paisas both against the Saudi Riyal (SAR) and the UAE Dirham (AED), and 27 paisas against the Canadian Dollar (CAD).

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