Rupee Marches On 5th Day in a Row Against US Dollar

The Pakistani rupee rose marginally 5th day in a row against the US Dollar today after opening trade at 280 in the interbank market. At 11:30 PM, it was stable, rising as high as 280 after gaining ~Rs. 1 against the greenback during intraday trade. The interbank rate later dropped back to 281 before anchoring trends at the same level for the remainder of the day. Open market rates across multiple currency counters were stable in the 280-282 range today. At close, the PKR appreciated by 0.02 percent to close at 281.22 after gaining six paisas against the dollar today. The rupee closed in the green 5th day in a row today after halting its 13-day win streak last week. On a fiscal year-to-date basis, it has so far appreciated by 1.69 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 six paisas against the dollar. The PKR was red against most of the other major currencies in the interbank market today. It lost 39 paisas against the Australian Dollar (AUD), 42 paisas against the Canadian Dollar (CAD), 55 paisas against the Euro (EUR), and Rs. 1.10 against the British Pound (GBP). Conversely, it gained one paisa against the UAE Dirham (AED) and one paisa against the Saudi Riyal (SAR) in today’s interbank currency market.