Pak Rupee Ends Week With Small Gains Against US Dollar

The Pakistani rupee gained slightly against the US Dollar after opening trade at 279 in the interbank market. It was largely stable against the greenback today, in line with our expectations. The interbank rate stayed at 278 most of the day before closing at the same level. Open market rates across multiple currency counters were in the 278-279 range today. The PKR appreciated by 0.01 percent to close at 278.74 after gaining three paisas against the dollar today. On a fiscal year-to-date basis, the rupee has so far appreciated by 2.56 percent. Overall, the rupee is down nearly Rs. 52.48 since January 2023. Since April 2022, it is down Rs. 96.48 against the greenback. As per the exchange rate movements seen today, the PKR gained three paisas today. The PKR was green against all of the other major currencies in the interbank market today. It was stable against the UAE Dirham (AED) and the Saudi Riyal (SAR). It gained Rs. 1.06 against the Canadian Dollar (CAD), Rs. 1.35 against the Australian Dollar (AUD), Rs. 1.56 against the Euro (EUR), and Rs. 1.79 against the British Pound (GBP) in today’s interbank currency market.