Rupee Gains Further Ground Against US Dollar 2nd Day in a Row
Today, the Pakistani rupee (PKR) demonstrated a further increase in value against the US Dollar. Initially, the interbank rate showed a decline of over 40 paisas, dropping to 284.125 by 11 AM, but by 1:25 PM, it had rebounded and remained stable at 283.
By the close of the day, the PKR had gained six paisas, representing a 0.02% appreciation, and stopped at 283.82. The exchange rate sentiment throughout the day was driven by recent developments in talks with the International Monetary Fund (IMF), which had a positive effect on the market, despite reports of massive commodity price hikes expected in the near future.
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Currency dealers reported that there was little to no movement in the market today, but the lender’s ultimatum on additional subsidies without prior approval was met with a positive reaction, resulting in today’s marginal gain.
It is noteworthy that the PKR has lost nearly Rs. 54 since January 2023 and over Rs. 101 against the greenback since April 2022. However, today’s exchange rate movements indicate that the PKR has gained four paisas against the US Dollar.
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In the interbank market today, the PKR had a mixed performance against most of the other major currencies. It gained two paisas against the UAE Dirham (AED), one paisa against the Saudi Riyal (SAR), and eight paisas against the Canadian Dollar (CAD). On the other hand, it lost two paisas against the Australian Dollar (AUD), 22 paisas against the Euro (EUR), and Rs. 1.09 against the Pound Sterling (GBP).
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