Rupee Gains More Ground 8th Day in a Row Versus US Dollar

The Pakistani rupee went higher 8th day in a row against the US Dollar today after opening trade at 280 in the interbank market. At 11:30 PM, it was stable, rising as high as 279 after gaining ~Rs. 3 against the greenback during intraday trade. The interbank rate dropped back to 282 before anchoring trends at the same level for the remainder of the day. Open market rates across multiple currency counters were stable in the 281-283 range today. At close, the PKR appreciated by 0.04 percent to close at 282.79 after gaining 11 paisas against the dollar today. The rupee closed in the green 8th day in a row today. On a calendar year-to-date basis, it has so far depreciated by 19.93 percent and appreciated by 1.13 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 11 paisas against the dollar. The exchange market closed in the green as currency counters reported stable trades at optimal rates. A small decline in global crude prices dented the US Dollar which helped the local unit continue its positive run on Thursday. The PKR is poised to end the week on a high, while random drops in value are possible when business resumes as usual after a long weekend on Tuesday next week, a trader told ProPakistani.