Rupee Appreciates 7th Day in a Row Versus US Dollar

The Pakistani rupee appreciated 7th day in a row against the US Dollar today after opening trade at 283 in the interbank market. At 11:30 PM, it was stable, staying at the current level for most of the session. The interbank rate remained on the same level before anchoring trends at 284 for the remainder of the day. Open market rates across multiple currency counters stood in the 283-285 range today. At close, the PKR appreciated by 0.08 percent to close at 284.14 after gaining 24 paisas against the dollar today. The rupee closed in the green 7th day in a row today. On a calendar year-to-date basis, it has so far depreciated by 20.31 percent and appreciated by 0.65 percent on a fiscal YTD basis. Overall, the rupee is down nearly Rs. 67 since January 2023. Since April 2022, it is down over Rs. 114 against the greenback. As per exchange rate movements seen today, the PKR has gained 24 paisas against the dollar. The overall market perception is banking big on the local unit staying in green in December 2023 and gradual upticks in the first month of 2024, with trends to experience volatility as elections approach.