Rupee Gains Further Ground Against US Dollar 16th Day in a Row

The Pakistani rupee rose 16th day in a row against the US Dollar today after opening trade at 292 in the interbank market.

At 11:30 PM, it was initially bearish, falling as low as 293 after losing ~Rs. 3 against the greenback.

Later, the interbank rate eased to the 290 level between 1:30 PM and 2:30 PM before anchoring trends at 289 for the remainder of the day.

In the last 15 sessions, the PKR has gained Rs. 17.26 against the greenback.

Open market rates across multiple currency counters stood in the 289-291 range today. Since September 4, the open market rate has recovered massively by roughly Rs. 48 against the greenback.

At close, the PKR appreciated by 0.37 percent to close at 289.8 after gaining Rs. 1.06 against the dollar today.

The rupee continued its good run today with traders citing promising market sentiments in the full week leading up to the long weekend which commences on Friday. “The picture has completely changed since August when everyone expected the exchange rate to drop to as low by 340 by now. The tide has shifted since the government’s crackdown against black money agents. A pre-election rally is likely, while any announcement of delays may cause the rupee/$ rate to crash again,” one of them added.

The gap between interbank and open market rates has massively shrunk by roughly Rs. 48 in September. From 337 reported last Monday, the rates have gone down to as low as 288 and have since continued brief spikes till 295 today.

Pertinently, the rupee is down nearly Rs. 70 since January 2023. Since April 2022, it is down over Rs. 117 against the greenback. As per exchange rate movements witnessed today, the PKR has gained over Rs. 1 against the dollar.

The PKR was green against all of the other major currencies in the interbank market today. It gained 28 paisas against the Saudi Riyal (SAR), 29 paisas against the UAE Dirham (AED), Rs. 1.07 against the Canadian Dollar (CAD), Rs. 2.66 against the Euro (EUR), and Rs. 3.12 against the British Pound (GBP).

Moreover, it gained Rs. 1.10 against the Australian Dollar (AUD) in today’s interbank currency market.

Source: Pro Pakistani