Rupee Remains Stable Against US Dollar

The Pakistani rupee appreciated against the US Dollar after opening trade at 280 in the interbank market. It was stable against the greenback today. The interbank rate stayed at 279 most of the day before closing at the same level. Open market rates across multiple currency counters were in the 279-280 range today. The PKR closed at 279.11 against the dollar today. On a fiscal year-to-date basis, the rupee has so far appreciated by 2.45 percent. Overall, the rupee is down nearly Rs. 52.64 since January 2023. Since April 2022, it is down Rs. 96.3 against the greenback. As per the exchange rate movements seen today, the PKR was stable today. In a key development, Pakistan Tehreek-e-Insaf (PTI) has urged the International Monetary Fund (IMF) to audit the February 8 General Elections. The letter read that the IMF’s role is to assess member countries’ ability to implement sound policies, especially in the context of economic programs supported by the agency itself. The PKR was green against some of the other major currencies in the interbank market today. It was stable against the UAE Dirham (AED) and the Saudi Riyal (SAR), gained six paisas against the British Pound (GBP), and 31 paisas against the Canadian Dollar (CAD) in today’s interbank currency market. It lost 12 paisas against the Australian Dollar (AUD) and 30 paisas against the Euro (EUR).