Rupee Extends Winning Streak Against US Dollar

The Pakistani rupee rose 12th day in a row against the US Dollar today after opening trade at 296 in the interbank market. At 12 PM, it was bullish, rising as high as 292 after gaining ~Rs. 3 against the greenback. Later, the interbank rate eased to the 293 level between 1:30 PM and 2:30 PM before anchoring trends for the remainder of the day. Open market rates across multiple currency counters stood in the 292-297 range today. Since September 4, the open market rate has recovered massively by roughly Rs. 46 against the greenback. At close, the PKR appreciated by 0.35 percent to close at 293.8 after gaining Rs. 1.02 against the dollar today. Exchange companies have continued to comply with state agencies in obliterating speculation and allowing the interbank/open rupee per dollar rate to converge. Chairman Exchange Companies Association of Pakistan (ECAP) Malik Bostan said earlier that exchange companies are daily relinquishing $15 million in interbank and that this figure will rise to $20 million in the coming days. Overall deposits into the interbank will surpass $400 million by the end of this month. The gap between interbank and open market rates has massively shrunk by roughly Rs. 46 in September. From 337 reported last Monday, the rates have gone down to as low as 292 and have since continued brief spikes till 297 today. Pertinently, the rupee is down nearly Rs. 73 since January 2023. Since April 2022, it is down over Rs. 120 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 the other major currencies in the interbank market today. It gained 27 paisas against the Saudi Riyal (SAR), 27 paisas against the UAE Dirham (AED), 36 paisas against the Australian Dollar (AUD), 98 paisas against the Euro (EUR), and Rs. 1.92 against the British Pound (GBP). Moreover, it gained 65 paisas against the Canadian Dollar (CAD) in today’s interbank currency market.