The Pakistani rupee started the week with gains against the US Dollar today after opening trade at 280 in the interbank market.
It was stable mostly against the greenback but wasn’t able to manage enough movement due to a shortage in the open market. Ongoing economic and political uncertainty coupled with low confidence of traders in the current business environment wiped out USD supply during today’s session.
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 0.06 percent and gained 16 paisas to close at 279.2 against the dollar today.
On a fiscal year-to-date basis, the rupee has so far appreciated by 2.42 percent.
Overall, the rupee is down nearly Rs. 52 since January 2023. Since April 2022, it is down Rs. 96.3 against the greenback. As per the exchange rate movements seen today, the PKR gained 16 paisas today.
“However, the US dollar isn’t available even at Rs. 300-305 in the open market but expect the scene to change tomorrow; scant hurts and the authorities would prefer to avoid it,” a dealer on market watch told ProPakistani on Monday. Volatility in the rates and scarcity is due to the ongoing uncertainty in the country, he added.
The PKR was green against most of the other major currencies in the interbank market today. It gained four paisas against the Saudi Riyal (SAR), four paisas against the UAE Dirham (AED), eight paisas against the British Pound (GBP), 23 paisas against the Euro (EUR), and 78 paisas against the Canadian Dollar (CAD) in today’s interbank currency market.
Meanwhile, it lost 50 paisas against the Australian Dollar (AUD).