Rupee Rebounds Against US Dollar, Open Market Rates Remain Stable

The Pakistani rupee posted gains against the US Dollar today after opening trade at 284 in the interbank market. At 11:30 PM, it was largely stable against the greenback during intraday trade. The interbank rate remained on the same level before anchoring trends for the remainder of the day. Open market rates across multiple currency counters stood in the 283-286 range today. At close, the PKR appreciated by 0.04 percent to close at 283.78 after gaining 12 paisas against the dollar today. The rupee closed in the green today after taking small hits a day earlier. On a calendar year-to-date basis, it has so far depreciated by 20.21 percent and appreciated by 0.78 percent on a fiscal YTD basis. Overall, the rupee is down nearly Rs. 66 since January 2023. Since April 2022, it is down over Rs. 113 against the greenback. As per exchange rate movements seen today, the PKR has gained 12 paisas against the dollar. Positive sentiment in the foreign exchange market was supported today by various factors, including today’s strong signals on an SBP policy rate cut, a decrease in global crude prices, reduced yields in the secondary market in anticipation of the commencement of a monetary easing cycle shortly, and upcoming meeting of the IMF Executive Board for disbursing the next tranche of roughly $700 million to Pakistan under the $3 billion Standby Arrangement.