Today, after starting trade at 284 in the interbank market, the Pakistani rupee snapped its three-day losing streak against the US dollar.
It was bullish at 11:30 PM, rising to the 282 mark versus the US dollar after making a gain of about Rs. 2 in early 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 ranged from 283 to 285, depending on the currency counter.
Rupee Increased by 12 Paisas in the Interbank
The PKR increased 12 paisas versus the dollar today, closing at 285.52 with a 0.04 percent gain, SBP.
However, after falling for three days in a row, the rupee ended the day higher.
Furthermore, the rupee has decreased overall since January 2023 by almost Rs. 69.
It has decreased by more than Rs. 116 versus the US dollar since April 2022.
Pak-UAE Investment Multi-Billion Dollars Investment Deal
In a significant move, multibillion dollar agreements on investment cooperation in the fields of energy, banking & financial services, waste water treatment, port operations projects, food security, and logistics were signed by Pakistan and the United Arab Emirates.
The UAE is anticipated to invest billions of dollars in Pakistan as a result of these Memorandums of Understanding.
Notably, the informal market increased to over Rs. 320/$ the last time Pakistan participated in multilateral investment projects.
To read our blog on “Rupee fall against US dollar after 5 days winning streak,” click here.