After starting trade at 285 in the interbank market today, the Pakistani rupee increased against the US dollar for the 3rd day in a row.
Pak Rupee Increased Against US Dollar
It rose to the 284 level versus the US dollar at 11:30 PM, showing bullishness after gaining about Rs. 0.75 during early-day trading.
Later, between 1:30 and 2:30 PM, the interbank rate fell back to 285 before stabilizing trends for the rest of the day.
Today’s open market rates were between 284 and 286 at a number of currency counters.
After gaining 22 paisas against the dollar today, the PKR appreciated by 0.08 percent to close at 285.17 at the close.
Today was the third consecutive day that the rupee closed in the green.
History
The rupee has decreased overall since January 2023 by almost Rs. 68.
It has decreased by more than Rs. 115 versus the US dollar since April 2022.
According to today’s exchange rate movements, the PKR has appreciated 22 paisas in relation to the US dollar.
Agreements Between Pakistan and Kuwait
Pakistan and Kuwait have inked seven agreements to entice the State of Kuwait to invest billions of dollars in a variety of sectors.
The establishment of a Mining Fund to support the mineral industry, Technology Zones Development, Mangrove Preservation, Hydel Power, Water Supplies (ensuring safe drinking water and supporting mining activities), Food Security/Agriculture, and Water Supplies are just a few of the sectors covered by these agreements that are essential to Pakistan’s development.
The agreements were signed on Wednesday during a meeting between Kuwait’s First Deputy Prime Minister and Minister for the Interior, Sheikh Talal Al-Khaled Al-Ahmad Al Sabah, and Caretaker Prime Minister Anwaar-ul-Haq Kakar.
General Syed Asim Munir, the Chief of Army Staff, was also present at the meeting.
To read our blog on “Rupee stops its losing streak after UAE investment deal news,” click here.
