After starting trade at 281 in the interbank market today, the Pakistani rupee strengthened against the US dollar for the seventh day in a row.
It was steady at 11:30 PM, hitting a high of 278 after making a gain of about Rs. 5 vs the US dollar during intraday trading.
After retreating to 282, the interbank rate stabilized at that level for the duration of the day.
Today’s open market rates were consistent in the 282-283 area across a number of currency counters.
Pak Rupee Appreciated by11 Paisas in the Interbank Market
PKR gained 11 paisas against the dollar today, and at closure it improved by 0.04 percent to close at 282.90.
For the seventh consecutive day, the rupee closed higher the following day.
It has depreciated by 19.96 percent so far this calendar year and appreciated by 1.09 percent so far this fiscal year.
Since January 2023, the rupee decreased overall by over Rs. 65.
It decreased by more than Rs. 112 versus the US dollar since April 2022.
The PKR increased in value relative to the dollar by 11 paisas based on today’s exchange rate movements.
Notably, the market is still upbeat because it believes that the IMF will release its second tranche next month, which will improve the external environment and boost the PKR.
However, experts caution that if elections are rigged or if political unrest negatively impacts the economy, any hopes of disbursement may be lost.
To read our blog on “Pak Rupee appreciated 5th day in a row against US dollar,” click here.
