The Pakistani rupee continued to gain higher ground against the US Dollar to extend its win streak to 24 days today after opening trade at 282 in the interbank market.
At 11:30 PM, it was bullish, rising as high as 279 after gaining ~Rs. 3 against the greenback.
Later, the interbank rate eased to the 280 level between 1:30 PM and 2:30 PM before anchoring trends for the remainder of the day.
In the last 21 sessions, the PKR has gained Rs. 26.54 against the greenback.
Open market rates across multiple currency counters stood in the 277-281 range today. Since September 4, the open market rate has recovered massively by roughly Rs. 57 against the greenback.
At close, the PKR appreciated by 0.41 percent to close at 280.5 after gaining Rs. 1.14 against the dollar today.
The rupee continued its good run 24th day in a row today. The gap between interbank and open market rates massively shrunk by roughly Rs. 52 last month, and already by ~Rs. 7 in October. The rates have gone down to as low as 277 and have since continued brief spikes to 282 today.
Commenting during today’s intraday showing, CEO Topline Securities Mohammed Sohail said, “Record monthly gain for Pakistan Rupee (PKR) of close to 17% against US Dollar in the open market. Rate now being quoted at Rs280 for 1 US Dollar vs. Rs328 on Sep 4 by exchange companies”.
This is probably the biggest one-month gain of local currency in the open market, especially at a time when the US Dollar is also getting stronger against other currencies. This has happened only due to strict compliance with local laws which were not being followed by smugglers, currency investors, etc, he said.
“Will this sustain? Depends on Pakistan IMF Loan Review due in Nov and how Pakistan is able to increase its low FX reserves,” he added
Pertinently, the rupee is down nearly Rs. 61 since January 2023. Since April 2022, it is down over Rs. 108 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 some of the other major currencies in the interbank market today. It gained 30 paisas against the Saudi Riyal (SAR) and 31 paisas against the UAE Dirham (AED).
Conversely, it lost 16 paisas against the Canadian Dollar (CAD), 75 paisas against the Australian Dollar (AUD), Rs. 1.1 against the Euro (EUR), and Rs. 1.15 against the British Pound (GBP) in today’s interbank currency market.
Source: Pro Pakistani