The Pakistani rupee gained ground against the US dollar for the second day in a row today, opening trade at 289 in the interbank market.
At 11:30 PM, it was bearish, trading at Rs. 289 against the US dollar after losing Rs. 2 in early-day trade.
Later, between 1:30 and 2:30 PM, the interbank rate rose to 286 before anchoring trends for the rest of the day.
Today’s open market rates across multiple currency counters were in the 286-288 range.
Pak Rupee Closing Rate Today at Interbank
After gaining 88 paisas against the dollar today, the PKR gained 0.31 percent to close at 286.5.
Today was the second consecutive day that the rupee closed in the green.
Since January 2023, the rupee has lost nearly Rs. 70. It has lost over Rs. 117 against the US dollar since April 2022.
According to today’s exchange rate movements, the PKR has gained nearly 90 paisas against the dollar.
Traders Belief
Traders told in a brief note that the rupee’s reversal will be short-lived, as seen in previous cyclical shifts since last year.
“The expectation is with another IMF disbursal now likely in mid-December, the forex market will cool down by at least Rs. 3-5.
The respite will be small, with election season fast approaching and local politics and uncertainties impacting the economy.
The necessity, as we said a while back, is clarity on all fronts. State institutions and the public should be unified to offer space for market growth,” they remarked.
Finance Ministry
Notably, Caretaker Finance Minister Dr. Shamshad Akhtar recently stated that the government prefers to maintain a market-determined exchange rate policy and rebuild foreign exchange reserves.
To read our blog on “Pak Rupee declines more against US dollar 15th day in a row,” click here.
