The Pakistani rupee gained more ground against the US Dollar after opening trade at 278 in the interbank market.
It was bullish against the greenback today during most of the session. Traders said expectations of central bank’s unchanged key interest rate and imminent news of staff-level agreement with the International Monetary Fund drove today’s momentum.
The interbank rate stayed at 278 most of the day before closing at the same level. Open market rates across multiple currency counters were in the 278-279 range today.
The PKR appreciated by 0.04 percent to close at 278.63 after gaining 11 paisas against the dollar today.
On a fiscal year-to-date basis, the rupee has so far appreciated by 2.6 percent.
Overall, the rupee is down nearly Rs. 52.37 since January 2023. Since April 2022, it is down Rs. 96.37 against the greenback. As per the exchange rate movements seen today, the PKR gained 11 paisas today.
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), three paisas against the Saudi Riyal (SAR), 12 paisas against the Australian Dollar (AUD), and 13 paisas against the British Pound (GBP).
It lost 11 paisas against the Canadian Dollar (CAD) and 19 paisas against the Euro (EUR) in today’s interbank currency market.
