Rupee Reverses 3-Day Losing Streak Against US Dollar After SBP News

The Pakistani rupee (PKR) reversed its 3-day losing streak 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. 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 0.04 percent and closed at 278.375 after gaining 12 paisas against the dollar today. On a fiscal year-to-date basis, the rupee has so far depreciated by 0.01 percent. Overall, the rupee is down nearly Rs. 51.02 since January 2023. Since April 2022, it is down Rs. 95.02 against the greenback. As per the exchange rate movements seen during the session, the PKR gained 12 paisas today. Today’s gains come after news that the foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by almost half a billion dollars on a weekly basis. According to the latest data released by the central bank, on June 28, the foreign currency reserves held by the SBP were recorded at $9.39 billion, up $494 million compared to $8.896 billion on June 21. According to brokerage house Arif Habib Limited (AHL), this is the highest level since July 7, 2022. Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $14.573 billion. The PKR was red against most of the other major currencies in the interbank market today. It lost 19 paisas against the Canadian Dollar (CAD), 23 paisas against the Australian Dollar (AUD), 51 paisas against the British Pound (GBP), and 60 paisas against the Euro (EUR). Meanwhile, it gained two paisas against the Saudi Riyal (SAR) and three paisas against the UAE Dirham (AED) in today’s interbank currency market.