The Pakistani rupee reversed its 4-day losing streak against the US Dollar after opening trade at 279 in the interbank market.
It was largely stable 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 appreciated by 0.003 percent to close at 277.93 after gaining one paisa 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. 51.66 since January 2023. Since April 2022, it is down Rs. 95.66 against the greenback. As per the exchange rate movements seen today, the PKR gained one paisa today.
In a key development, the Kingdom of Saudi Arabia has agreed to increase deposits in the State Bank of Pakistan from $3 billion to $5 billion.
Some traders and commentators had their reservations about this development. Without explaining much, they hinted at almost a dozen such news reports in the past where investments were promised but nothing materialized. Still, the latest news from KSA helped the rupee improve its position today.
The PKR was red against most of the other major currencies in the interbank market today. It was stable against the UAE Dirham (AED) and the Saudi Riyal (SAR), lost 48 paisas against the Australian Dollar (AUD) and 71 paisas against the British Pound (GBP).
Meanwhile, it lost 18 paisas against the Canadian Dollar (CAD) and 54 paisas against the Euro (EUR) in today’s interbank currency market.
