Rupee Climbs to 282 Against US Dollar Having Gained Over Rs. 8 in Open Market

The Pakistani rupee (PKR) closed in green 6th day in a row against the US Dollar (USD) and against the British Pound (GBP) on Wednesday. On a day-on-day (DoD) basis, the interbank rate recovered to 282/$ and stayed there most of the day before closing at the same level. Open market rates across multiple currency counters remained at the 282-285 level today. A few sellers quoted Rs. 285/$ in the federal capital today. A few weeks ago, the PKR/$ open market rate stood at 289-290. It has improved by at least Rs. 8 so far. GBP rose to 380-383 against the PKR in the open market. According to the Exchange Companies Association of Pakistan (ECAP), the buying rate stood at 380, while several exchange shops across main cities were selling GBP at rates as high as Rs. 383. In the past 4 weeks, PKR has gained nearly Rs. 20 against GBP in the open market. On July 3, the pound stood at Rs. 396. PKR was stable all day and closed in green against the greenback. Meanwhile, it posted gains most of the other major currencies during today’s session. The PKR appreciated by 0.03 percent and gained 10 paisas to close at 282.95 against the US Dollar today. On a fiscal year-to-date basis (FYTD), the PKR has lost 1.45 percent against the US Dollar. The PKR was green against all of the other major currencies in the interbank market today. It gained two paisas against the UAE Dirham (AED) and two paisas against the Saudi Riyal (SAR). Meanwhile, it lost 67 paisas against the Canadian Dollar (CAD). The rupee gained 12 paisas against the Australian Dollar (AUD) in today’s interbank currency market. It gained 18 paisas against the Euro (EUR) but lost 68 paisas against the British Pound (GBP).