Rupee Recovers Against US Dollar to End Week After Supreme Court Verdict

The Pakistani rupee (PKR) ended the week with gains against the US Dollar today after opening trade at 278 in the interbank market. It was stable all day and closed in green against the greenback second day in a row. Meanwhile, it posted losses against most of the other major currencies during today’s session. The interbank rate stayed at 278/$ most of the day before closing at the same level. Open market rates across multiple currency counters were strictly at 278 today. The PKR appreciated by 0.08 percent and closed at 278.4 after gaining 21 paisas against the dollar today. On a fiscal year-to-date basis, the rupee has so far appreciated by 0.03 percent. Overall, the rupee is down nearly Rs. 51.04 since January 2023. Since April 2022, it is down Rs. 95.04 against the greenback. As per the exchange rate movements seen during the session, the PKR gained 21 paisas today. A trader said today’s PKR/$ recovery comes after positive reaction of the market over the Supreme Court of Pakistan’s decision on the long-sought reserved seats case. He said today’s verdict offers some political clarity over where the market expects things could start improving in the coming months. The PKR was red against most of the other major currencies in the interbank market today. It lost 24 paisas against the Australian Dollar (AUD), 84 paisas against the Euro (EUR), and Rs. 1.45 against the British Pound (GBP). Meanwhile, it gained three paisas against the Canadian Dollar (CAD), five paisas against the UAE Dirham (AED), and five paisas against the Saudi Riyal (SAR) in today’s interbank currency market.