The Pakistani rupee continued its upward trend against the US Dollar for the 8th consecutive day, opening at 280 in the interbank market. By 11:30 PM, it reached a high of 279, marking an intraday gain of approximately Rs. 3 against the greenback.
Although the interbank rate briefly dropped to 282, it stabilized at this level for the remainder of the day. Open market rates ranged from 281 to 283.
At the close, the PKR appreciated by 0.04 percent, settling at 282.79 and gaining 11 paisas against the dollar. Despite the recent positive streak, the rupee has experienced a 19.93 percent depreciation on a calendar year-to-date basis but has shown a 1.13 percent appreciation on a fiscal year-to-date basis.
Since January 2023, the rupee has witnessed an overall decline of nearly Rs. 65 and a substantial decrease of over Rs. 112 against the US Dollar since April 2022. In today’s exchange rate movements, the PKR gained 11 paisas against the dollar.
The positive performance in the exchange market was attributed to stable trades at optimal rates and a slight decline in global crude prices, which impacted the US Dollar. Traders anticipate a continued positive trend for the PKR, but acknowledge the possibility of random drops when business resumes after the long weekend on Tuesday next week.
In contrast to its gains against the US Dollar, the PKR experienced a decline against some major currencies in the interbank market today. It lost 79 paisas against the Canadian Dollar (CAD), 95 paisas against the Euro (EUR), and Rs. 1.52 against the Australian Dollar (AUD). On the positive side, it gained three paisas against the UAE Dirham (AED), four paisas against the Saudi Riyal (SAR), and 28 paisas against the British Pound (GBP).
