Pak Rupee Suddenly Rises Against US Dollar, British Pound, AUD

The Pakistani rupee reversed yesterday’s losses against the US Dollar today after opening trade at 278 in the interbank market.

It was largely stable before closing in green against the greenback and most of the other major currencies today.

The interbank rate stayed at 278 most of the day before closing at the same level. Open market rates across multiple currency counters were strictly at 278 today.

The PKR appreciated by 0.04 percent to close at 278.11 after gaining 12 paisas against the dollar today.

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On a fiscal year-to-date basis, the rupee has so far appreciated by 2.83 percent.

Overall, the rupee is down nearly Rs. 51.05 since January 2023. Since April 2022, it is down Rs. 95.05 against the greenback. As per the exchange rate movements seen today, the PKR gained 12 paisas today.

The PKR was green against most of the other major currencies in the interbank market today. it gained three paisas against the UAE Dirham (AED), three paisas against the Saudi Riyal (SAR), 32 paisas against the Euro (EUR), 90 against the Australian Dollar (AUD), and Rs. 1.12 against the British Pound (GBP).

Meanwhile, it gained 17 paisas against the Canadian Dollar (CAD) in today’s interbank currency market.

Quality Critics says:

May 7, 2024 at 7:37 pm

PKR suddenly rises against the USD, CAD AUD GBP and guess what, it rose 12 paisas . . Matlab next level
Mansur Ul Haque says:

May 8, 2024 at 12:03 pm

Rupee strengthening. Hopefully stable trend will emerge. Still a lot of foreign payments are in pipeline. Relationship with IMF is important. Amount of loan from IMF might not be significant but good will generated from IMF on board can not be matched with anything.
Loans are medicine not permanent solution. Reforms in FBR are vital for the success of improvement in economy but we we also have to reduce perks of present and retired elites. How long poor of the country will paying taxes to contribute facilities of these elites. It would be better if elites voluntarily give up some of their entitlements as financial emergency is required.