The Pakistani rupee continued its upward trajectory against the US Dollar for the 8th consecutive day in the interbank market, opening at 278-279. It remained stable, reaching as high as 278, experiencing an intraday gain of approximately Rs. 3.
The interbank rate fluctuated between 281 and 280 for the rest of the day, while open market rates ranged from 279 to 282. Closing at 280.35, the PKR appreciated by 0.27 percent, marking the eighth consecutive day of gains.
On a fiscal year-to-date basis, the rupee has appreciated by 2.01 percent. However, when compared to January 2023, the overall depreciation is nearly Rs. 61, and since April 2022, it has depreciated by over Rs. 108 against the US Dollar. In a significant development, the International Monetary Fund’s (IMF) Executive Board completed the first review under Pakistan’s Stand-By Arrangement (SBA), approving an immediate disbursement of approximately $700 million to Pakistan.
The PKR also showed strength against other major currencies in the interbank market. It gained 33 paisas against the Canadian Dollar (CAD), 58 paisas against the British Pound (GBP), 71 paisas against the Australian Dollar (AUD), and 78 paisas against the Euro (EUR).
Furthermore, it appreciated by 20 paisas against the UAE Dirham (AED) and 20 paisas against the Saudi Riyal (SAR). This sustained positive momentum in the currency market reflects both domestic and international factors, including the recent IMF disbursement and favorable exchange rate movements against various currencies.
