The Pakistani rupee demonstrated resilience for the fourth consecutive day against the US Dollar, commencing trade at 288 in the interbank market. By 11:30 PM, it exhibited a bullish trend, surging to the 281 level against the greenback, marking a gain of Rs. 7 in early-day trade.
However, the interbank rate later retreated to 285 between 1:30 PM and 2:30 PM, stabilizing for the rest of the day. Open market rates, observed across various currency counters, ranged from 283 to 286.
Closing on a positive note, the PKR appreciated by 0.06 percent, concluding at 285.78 after gaining 18 paisas against the dollar.
Despite this recent strengthening, the overall performance of the rupee has seen a decline of nearly Rs. 69 since January 2023 and a significant decrease of over Rs. 116 against the greenback since April 2022. In today’s exchange rate movements, the PKR saw an increase of over 18 paisas against the dollar.
While the PKR exhibited gains against some major currencies in the interbank market, such as five paisas against the Saudi Riyal (SAR), five paisas against the UAE Dirham (AED), and 39 paisas against the Canadian Dollar (CAD), it experienced losses against others. Specifically, it lost 56 paisas against the Australian Dollar (AUD), 91 paisas against the Euro (EUR), and Rs. 1.14 against the British Pound (GBP) in today’s interbank currency market.