Rupee’s Record-Breaking Run Against US Dollar Continues

The sustained resurgence of the Pakistani Rupee (PKR) continued on Wednesday as it gained further ground against the US Dollar (USD) in the interbank market on Wednesday. The local currency gained Rs. 1.05 against the greenback at the close of today’s session. The PKR appreciated by 0.36 percent against the USD and closed at Rs. 288.75 today. The PKR had gained Rs. 1.06 against the greenback at the close of yesterday’s session, closing at Rs. 289.80. During the current month, the PKR has appreciated by nearly 6 percent against the USD. Despite the surprise comeback in September, the PKR has depreciated by 21.58 percent since the start of the year and 0.96 percent since the start of the current financial year. The PKR dropped to an all-time low of Rs. 307.10 against the USD on September 5. However, subsequent action against smugglers and hoarders, and the structural reforms in the Exchange Companies’ sector introduced by the State Bank of Pakistan (SBP) turned the tide. The open market rate of the USD has also come from above Rs. 335 in early September to around Rs. 290, a recovery of almost Rs. 45. The PKR also appreciated against all other major currencies in the interbank market today. It gained Rs. 1.86 against the Euro (EUR), Rs. 2.28 against the British Pound (GBP), and Rs. 1.51 against the Australian Dollar (AUD). The PKR also appreciated by Rs. 1.12 against the Canadian Dollar (CAD), Rs. 0.28 against the UAE Dirham (AED), and Rs. 0.27 the Saudi Riyal (SAR).