Rupee Gains Further Ground 5th Day in a Row Against US Dollar

The Pakistani rupee gained further ground 5th day in a row against the US Dollar today after opening trade at 281 in the interbank market. At 11:30 PM, it was bullish, rising as high as 280 after gaining ~Rs. 1 against the greenback during intraday trade. The interbank rate remained at 280-281 before anchoring trends at the 283 level for the remainder of the day. Open market rates across multiple currency counters stood in the 281-284 range today. At close, the PKR appreciated by 0.02 percent to close at 283.21 after gaining five paisas against the dollar today. The rupee closed in the green fifth day in a row today. On a calendar year-to-date basis, it has so far depreciated by 20.05 percent and appreciated by 0.98 percent on a fiscal YTD basis. Overall, 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 seen today, the PKR has gained five paisas against the dollar. The PKR was green against most of the other major currencies in the interbank market today. It was stable against the Canadian Dollar (CAD), gained one paisa against the Saudi Riyal (SAR), one paisa against the UAE Dirham (AED), Rs. 2.01 against the British Pound (GBP), and Rs. 2.03 against the Euro (EUR). Conversely, it lost 26 paisas against the Australian Dollar (AUD) in today’s interbank currency market.