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 and other major currencies today.
The interbank rate stayed at 279 most of the day before closing at the 278 level. Open market rates across multiple currency counters were in the 278-279 level today.
The PKR appreciated by 0.05 percent to close at 278.30 after gaining 13 paisas against the dollar today.
On a fiscal year-to-date basis, the rupee has so far appreciated by 2.71 percent.
Overall, the rupee is down nearly Rs. 51.41 since January 2023. Since April 2022, it is down Rs. 95.41 against the greenback. As per the exchange rate movements seen today, the PKR gained 13 paisas today.
In a key development, Saudi Arabia is edging closer to investing $1 billion in the Reko Diq gold and copper mine in Pakistan, Bloomberg reported on Thursday.
A preliminary agreement on transaction terms could be announced in the next few weeks.
The PKR was green against all of the other major currencies in the interbank market today. It gained four paisas against the UAE Dirham (AED), four paisas against the Saudi Riyal (SAR), Rs. 1.06 against the British Pound (GBP), Rs. 1.11 against the Australian Dollar (AUD), and Rs. 1.04 against the Euro (EUR).
It gained 15 paisas against the Canadian Dollar (CAD) in today’s interbank currency market.
