Rupee Rises 20th Day in a Row Against US Dollar

The Pakistani rupee rose higher 20th day in a row against the US Dollar today after opening trade at 288 in the interbank market.

At 11:30 PM, it was bullish, rising as high as 281 after gaining ~Rs. 8 against the greenback.

Later, the interbank rate eased to the 285 level between 1:30 PM and 2:30 PM before anchoring trends at 284 for the remainder of the day.

In the last 17 sessions, the PKR has gained Rs. 22.37 against the greenback.

Open market rates across multiple currency counters stood in the 281-285 range today. Since September 4, the open market rate has recovered massively by roughly Rs. 53 against the greenback.

At close, the PKR appreciated by 0.37 percent to close at 284.68 after gaining Rs. 1.04 against the dollar today.

The rupee continued its good run 20th day in a row today. “Digital transactions are easing into rupee/$ rate as per IMF’s 1.25 percent settlement ratio. Once export numbers start gaining traction, further gains will follow with more urgency,” one of them said.

The gap between interbank and open market rates massively shrunk by roughly Rs. 52 last month, and already by ~Rs. 3 this week. The rates have gone down to as low as 281 and have since continued brief spikes to 285 today.

Pertinently, the rupee is down nearly Rs. 65 since January 2023. Since April 2022, it is down over Rs. 112 against the greenback. As per exchange rate movements witnessed today, the PKR has gained over Rs. 1 against the dollar.

The PKR was green against all of the other major currencies in the interbank market today. It gained 27 paisas against the Saudi Riyal (SAR), 27 paisas against the UAE Dirham (AED), 91 paisas against the Canadian Dollar (CAD), and Rs. 1.44 against the British Pound (GBP).

It gained 72 paisas against the Australian Dollar (AUD) and Rs. 1.23 against the Euro (EUR) in today’s interbank currency market.

Source: Pro Pakistani