The interbank rate held steady at 278/$ throughout the day, closing unchanged. In the open market, rates were consistent at 278 across various currency counters.
The PKR strengthened by 0.04%, closing at 278.375 after gaining 12 paisas against the dollar. Year-to-date, the rupee has seen a marginal depreciation of 0.01%.
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Since January 2023, the rupee has depreciated by approximately Rs. 51.02, and since April 2022, it has fallen by Rs. 95.02 against the US Dollar. Today, the PKR gained 12 paisas based on the day’s exchange rate movements.
The appreciation follows news of the State Bank of Pakistan (SBP) increasing its foreign exchange reserves by nearly half a billion dollars weekly. As of June 28, SBP’s foreign currency reserves rose to $9.39 billion, marking the highest level since July 7, 2022. Overall, the country’s liquid foreign currency reserves, including those held by banks other than SBP, totaled $14.573 billion.
In today’s interbank market, the PKR weakened against most major currencies: losing 19 paisas against the Canadian Dollar (CAD), 23 paisas against the Australian Dollar (AUD), 51 paisas against the British Pound (GBP), and 60 paisas against the Euro (EUR). However, it gained two paisas against the Saudi Riyal (SAR) and three paisas against the UAE Dirham (AED).
Overall, the PKR’s performance today reflects a mixed trend against global currencies, despite its gain against the US Dollar buoyed by increased foreign reserves.
