After starting trade at 281 in the interbank market today, the Pakistani rupee increased against the US dollar for the tenth straight day.
It was bullish at 11:30 PM, hitting a high of 278 after making a gain of about Rs. 3 versus the US dollar during intraday trading.
Before stabilizing trends at the 282 level for the rest of the day, the interbank rate fell back to 281.
Today’s open market rates were consistent in the 281-283 area across a number of currency counters.
Pak Rupee Appreciated by16 Paisas in the Interbank Market
The PKR gained 16 paisas versus the dollar today, and at close it had advanced by 0.06 percent to close at 282.37.
For the tenth consecutive day, the rupee closed higher today.
It has depreciated by 19.81 percent so far this calendar year and appreciated by 1.28 percent so far this fiscal year.
Since January 2023, the currency has decreased overall by over Rs. 64.
It has decreased by more than Rs. 111 versus the US dollar since April 2022.
SBP’s Efforts To Maintain Exchange Rates
The State Bank of Pakistan’s (SBP) efforts to maintain exchange rate stability praised by the Exchange Companies Association of Pakistan (ECAP), and the announcement of a method for calculating open market exchange rates of USD dollar (USD), euro, pound sterling (GBP), Japanese yen (JPY), UAE dirham (AED), and Saudi riyal (SAR) has given the PKR a strong start to the week.
Twelve of the top exchange companies with a significant market share have chosen by SBP and notified to offer daily exchange rates for the six major currencies: USD, EUR, GBP, JPV, AED, and SAR.
The contributing Exchange Company will have to quote the closing levels to ECAP, and the contributing ECs will have to report the market rates (buying and selling) to ECAP’s dedicated email between 4:00 PM and 4:30 PM.
Other Currencies
In today’s interbank market, the PKR was weaker than some of the other major currencies.
In relation to the British Pound (GBP), the Australian Dollar (AUD), the Euro (EUR) and the Canadian Dollar (CAD) it lost 17 paisas, 59 paisas, 46 paisas and 33 paisas respectively.
On the other hand, in today’s interbank currency market, it increased by 4 paisas versus the UAE Dirham (AED) and 4 paisas against the Saudi Riyal (SAR).
On the other hand, in today’s interbank currency market, it increased by 4 paisas versus the UAE Dirham (AED) and 4 paisas against the Saudi Riyal (SAR).
To read our blog on “Pak Rupee increased 7th day in a row against US Dollar,” click here.
