Rupee Ends 10 Day Win Streak Against US Dollar, Other Currencies

The Pakistani rupee ended its 10-day winning streak against the US Dollar after opening trade at 279 in the interbank market.

It was bearish against the greenback today.

The interbank rate stayed at 278 most of the day before closing at the 277 level. Open market rates across multiple currency counters were in the 277-279 level today.

The PKR depreciated by 0.03 percent to close at 277.9 after losing eight paisas against the dollar today.

On a fiscal year-to-date basis, the rupee has so far appreciated by 2.84 percent.

Overall, the rupee is down nearly Rs. 51.67 since January 2023. Since April 2022, it is down Rs. 95.67 against the greenback. As per the exchange rate movements seen today, the PKR lost eight paisas today.

In a key development, Federal Minister for Finance and Revenue Muhammad Aurangzeb expressed optimism about the stability of the PKR despite the looming repayment of $3.5 billion debt by June 2024.

He told Bloomberg in an interview that PKR would remain stable in the short to medium term, hovering around current levels of 277-278 against the US Dollar for the next six months.

“I don’t really see a huge pressure on the rupee at this point in time as we move forward. I think it’s going to remain range-bound around these [current] levels for like six months or so,” he stated.

The PKR was red against most of the other major currencies in the interbank market today. It lost two paisas against the UAE Dirham (AED), two paisas against the Saudi Riyal (SAR), 38 paisas against the Australian Dollar (AUD), 47 paisas against the British Pound (GBP), and 92 paisas against the Euro (EUR)

Meanwhile, it gained 10 paisas against the Canadian Dollar (CAD) in today’s interbank currency market.

  • IMF or no IMF currency rate dependent on demand and supply. It can not be stabilized until/ unless we enhance exports/ reduce debts.

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