For the sixth consecutive day, the Pakistani rupee exhibited strength against the US Dollar in the interbank market, commencing trading at 284. By 11:30 PM, it had maintained stability, persisting at this level for the entire session.
The interbank rate retained its position, settling at 284, and the open market rates fluctuated between 283 and 286 across various currency counters.
As the day concluded, the Pakistani rupee experienced a 0.05 percent appreciation, closing at 284.38 and marking a gain of 15 paisas against the dollar.
This positive trend in the rupee’s performance has extended for six days. On a year-to-date basis, there has been a 20.38 percent depreciation, while on a fiscal year-to-date basis, there has been a 0.57 percent appreciation.
The overall decline in the rupee since January 2023 is nearly Rs. 67, and from April 2022, it has depreciated by over Rs. 114 against the US dollar. In today’s exchange rate movements, the PKR strengthened by 15 paisas against the dollar.
Throughout the current calendar year, the Pakistani rupee has navigated both bullish and bearish trends, mostly experiencing bearish spells. Record-breaking losses and occasional lackluster gains have characterized its performance, influenced by factors such as inflation, continuous depreciation, the postponement of elections, and heightened political polarization, all contributing to a prevailing negative sentiment.
While current forecasts for 2024 maintain a bearish outlook, there is optimism that a comprehensive improvement in the business environment and the implementation of fiscal reforms could defy pessimistic expectations, fostering recovery, as suggested by a trader.
