Rupee Gains Marginally 2nd Day in a Row Against US Dollar

The Pakistani rupee rose slightly 2nd day in a row against the US Dollar today after opening trade at 282 in the interbank market. At 11:30 PM, it was bullish, rising as high as 280 after gaining ~Rs. 2 against the greenback during intraday trade. The interbank rate later dropped back to 282 before anchoring trends at the 281 level for the remainder of the day. Open market rates across multiple currency counters were stable in the 280-283 range today. At close, the PKR appreciated by 0.02 percent to close at 281.67 after gaining five paisas against the dollar today. The rupee closed in the green second day in a row today after halting its 13-day win streak on Tuesday. On a fiscal year-to-date basis, it has so far appreciated by 1.53 percent. Overall, the rupee is down nearly Rs. 62 since January 2023. Since April 2022, it is down over Rs. 109 against the greenback. As per exchange rate movements seen today, the PKR has gained five paisas against the dollar. The PKR was green against most of the other major currencies in the interbank market today. It gained one paisa against the UAE Dirham (AED), one paisa against the Saudi Riyal (SAR), nine paisas against the Australian Dollar (AUD), and 56 paisas against the Euro (EUR). Conversely, it lost five paisas against the Canadian Dollar (CAD) and Rs. 1.24 against the British Pound (GBP) in today’s interbank currency market.