Rupee Stable Against US Dollar, Recovers Against Other Currencies

The Pakistani rupee (PKR) halted losses against the US Dollar today after opening trade at 278 in the interbank market. It was stable all day and closed in green against the greenback third day in a row. Meanwhile, it posted gains against all of 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 0.02 percent and closed at 278.12 after gaining four paisas against the dollar today. On a fiscal year-to-date basis, the rupee has so far appreciated by 0.08 percent. Overall, the rupee is down nearly Rs. 51.23 since January 2023. Since April 2022, it is down Rs. 95.23 against the greenback. As per the exchange rate movements seen during the session, the PKR gained four paisas today. The PKR was green against all of the other major currencies in the interbank market today. It gained one paisa against the UAE Dirham (AED), one paisa against the Saudi Riyal (SAR), Rs. 1.21 against the Euro (EUR), and Rs. 1.88 against the British Pound (GBP). Meanwhile, it gained 54 paisas against the Canadian Dollar (CAD) and Rs. 1.14 against the Australian Dollar (AUD) in today’s interbank currency market.