Rupee Rises 2nd Day in a Row Against Every Major Currency After IMF Mission’s Departure

The Pakistani rupee (PKR) rose 2nd day in a row against the US Dollar today after opening trade at 278 in the interbank market. It was bullish all day and closed in green against the greenback. It also recovered further against the other major currencies during today’s session. The interbank rate stayed at 278/$ most of the day before closing at the same level. Open market rates across multiple currency counters were strictly at 278 today. The PKR appreciated by 0.03 percent to close at 278.2 after gaining nine paisas against the dollar today. On a fiscal year-to-date basis, the rupee has so far appreciated by 2.89 percent. Overall, the rupee is down nearly Rs. 51.01 since January 2023. Since April 2022, it is down Rs. 95.01 against the greenback. As per the exchange rate movements seen during the session, the PKR gained nine paisas today. In a key development, the International Monetary Fund (IMF) Mission today returned to Washington without reaching a stall-level agreement on a new bailout package for Pakistan. The PKR was all green against the other major currencies in the interbank market today. It gained two paisas against the Saudi Riyal (SAR), two paisas against the UAE Dirham (AED), and 51 paisas against the British Pound (GBP). Meanwhile, it gained 51 paisas against the Euro (EUR), 77 paisas against the Australian Dollar (AUD), and 79 paisas against the Canadian Dollar (CAD) in today’s interbank currency market.