For the seventh consecutive day, the Pakistani rupee showed strength against the US Dollar in the interbank market, commencing trading at 283. By 11:30 PM, it remained stable, maintaining this level for the majority of the session. The interbank rate persisted at 284 throughout the day, and open market rates fluctuated within the 283-285 range across various currency counters.
Closing on a positive note, the PKR appreciated by 0.08 percent, concluding at 284.14 after a gain of 24 paisas against the dollar.
Marking the seventh consecutive day of positive performance, the rupee has demonstrated resilience. On a year-to-date basis, it has experienced a 20.31 percent depreciation but has appreciated by 0.65 percent on a fiscal year-to-date basis.
Since the beginning of January 2023, the rupee has faced an overall decline of nearly Rs. 67. Furthermore, from April 2022, it has witnessed a decrease of over Rs. 114 against the US dollar. In today’s exchange rate movements, the PKR strengthened by 24 paisas against the dollar.
Looking ahead, the market sentiment anticipates the local unit to remain in positive territory in December 2023, with gradual upticks expected in the first month of 2024. However, volatility is anticipated as elections approach.
