PKR Gains Over Rs. 5 Against British Pound After Long Weekend

The Pakistani rupee snapped its 4-day win streak against the US Dollar today after opening trade at 280 in the interbank market. It was largely stable against the greenback during intraday trade today. The interbank rate hovered between 279 and 280 before closing at the same level for the remainder of the day. Open market rates across multiple currency counters were in the 279-280 range today. At close, the PKR depreciated by 0.004 percent to close at 279.42 after losing one paisa against the dollar today. The rupee closed in the red having gained 4 days in a row last week. On a fiscal year-to-date basis, it has so far appreciated by 2.33 percent. Overall, the rupee is down nearly Rs. 60 since January 2023. Since April 2022, it is down over Rs. 107 against the greenback. As per the exchange rate movements seen today, the PKR lost one paisa against the dollar today. PKR rates are tipped to face a real test after General Elections this week. Globally, Pakistan’s dollar bonds are expected to take hits as well. Investors are sitting back until the country elects a new government highly tipped to strike an improved deal with the Washington-based lender in the coming months. The PKR was red against some of the other major currencies in the interbank market today. It held out against the Saudi Riyal (SAR) and the UAE Dirham (AED). Conversely, it gained Rs. 2.19 against the Canadian Dollar (CAD), Rs. 2.43 against the Australian Dollar (AUD), Rs. 3.6 against the Euro (EUR), and Rs. 5.55 against the British Pound (GBP) in today’s interbank currency market.