The Pakistani rupee hike in a row against the US Dollar today after opening trade at 290 in the interbank market.
At 11:30 PM, the situation was looking optimistic, with the currency showing strength and reaching as high as 282 PKR after gaining about 8 Pakistani Rupees against the US dollar.
As the day progressed, the interbank exchange rate gradually eased to the 288 PKR level between 1:30 PM and 2:30 PM, eventually stabilizing at 286 PKR for the rest of the day.
Over the past 15 sessions, the Pakistani Rupee has strengthened by an impressive 20.3 PKR against the US dollar.
Today, open market rates for various currencies fluctuated within the range of 282 to 288 PKR. Since September 4, there has been a significant recovery in the open market rate, with the Pakistani Rupee gaining approximately 52 PKR against the US dollar.
At the close of the day’s trading, the Pakistani Rupee appreciated by 0.34 percent, ending at 286.76 PKR after gaining 98 paisas against the US dollar.
The rupee continued its positive run 18th day in a row with traders citing promising market sentiments in the first two weeks of October. “Customers are getting greenbacks at rates as high as 282, some 284, and on average 286 all day. The selling spree is still hot as the streak stretches for a third successive week. A few black market deals were reported at a discount with premiums as low as 282 to as high as 287, which was helpful. We see another quiet month ahead,” one of them added.
In September, there has been a significant decrease of approximately Rs. 52 in the difference between interbank and open market exchange rates. Starting at 337 last Monday, these rates have fallen considerably, reaching as low as 282, with occasional brief spikes up to 288 as of today.
Notably, the Pakistani rupee has depreciated by nearly Rs. 67 since January 2023, and since April 2022, it has lost over Rs. 114 in value against the US dollar. Based on today’s exchange rate movements, the PKR has strengthened by almost Rs. 1 against the dollar.
