The Pakistani rupee continued its upward trajectory against the US Dollar for the 10th consecutive day, opening at 281 in the interbank market. By 11:30 PM, it exhibited a bullish trend, reaching as high as 278 after experiencing an intraday gain of approximately Rs. 3 against the greenback.
However, the interbank rate later retreated to 281 and stabilized around the 282 level for the rest of the day. Open market rates remained steady within the 281-283 range across various currency counters.
Closing the day, the Pakistani Rupee (PKR) appreciated by 0.06 percent, concluding at 282.37 and marking a gain of 16 paisas against the US Dollar.
This marks the 10th consecutive day of the rupee closing in the green. On a year-to-date basis, the rupee has depreciated by 19.81 percent, but on a fiscal year-to-date basis, it has appreciated by 1.28 percent.
In a broader context, the rupee has experienced a decline of nearly Rs. 64 since January 2023. Since April 2022, it has depreciated by over Rs. 111 against the US Dollar. The current exchange rate movements show a gain of 16 paisas for the PKR against the dollar.
The positive momentum of the PKR at the start of the week is attributed to the commendation from the Exchange Companies Association of Pakistan (ECAP) for the State Bank of Pakistan’s (SBP) efforts in maintaining exchange rate stability.
Additionally, the announcement of a method for calculating open market exchange rates for major currencies, including USD, EUR, GBP, JPY, AED, and SAR, has contributed to the favorable sentiment. SBP has designated 12 leading Exchange Companies to provide daily exchange rates for these main currencies, with rates submitted to ECAP between 4:00 PM and 4:30 PM.
However, the PKR experienced a decline against some other major currencies in the interbank market on the same day. It lost 17 paisas against the British Pound (GBP), 33 paisas against the Canadian Dollar (CAD), 46 paisas against the Euro (EUR), and 59 paisas against the Australian Dollar (AUD). Conversely, it gained four paisas against the UAE Dirham (AED) and four paisas against the Saudi Riyal (SAR) in today’s interbank currency market.
