Rupee Posts Huge Gains Against All Popular Currencies After S&P Upgrade

The Pakistani rupee (PKR) closed in green against the US Dollar (USD) and against the British Pound (GBP) on Friday. On a day-on-day (DoD) basis, the interbank rate recovered to 284/$ and stayed there most of the day before closing at the 283 level. Open market rates across multiple currency counters remained at the 284-287 level today. A few sellers quoted Rs. 287/$ in the federal capital today. GBP rose to 383-387 against the PKR in the open market. According to the Exchange Companies Association of Pakistan (ECAP), the buying rate stood at 386, while several exchange shops across main cities were selling GBP at rates as high as Rs. 387. PKR was stable all day and closed in green against the greenback. Meanwhile, it posted gains against all of the other major currencies during today’s session. The PKR appreciated by 0.27 percent and gained 76 paisas to close at 283.45 against the US Dollar today. On a fiscal year-to-date basis (FYTD), the PKR has lost 1.62 percent against the US Dollar. This comes after S&P Global upgraded Pakistan’s sovereign credit rating from ‘CCC+’ to ‘B-’ on Thursday and assigned a ‘stable’ outlook, citing improvements in the country’s financial position and foreign reserves, supported by assistance from the International Monetary Fund (IMF). The agency also expressed confidence that continued access to official financing will enable Pakistan to meet its external debt obligations and successfully roll over its commercial credit lines over the next year. The PKR was green against all of the other major currencies in the interbank market today. It gained 20 paisas against the UAE Dirham (AED) and 20 paisas against the Saudi Riyal (SAR). Meanwhile, it gained Rs. 1.65 against the Canadian Dollar (CAD). The rupee gained Rs. 1.83 against the Australian Dollar (AUD) in today’s interbank currency market. It gained Rs. 1.45 against the Euro (EUR) and Rs. 3.85 against the British Pound (GBP).