After trading at 306.6 versus the US dollar in the interbank market today, the Pakistani rupee has reversed its losses.
In line with opening-bell bulls who witnessed open market rates recover significantly throughout the day, it was bullish at 12 PM, going as high as 305 after gaining Rs. 2 in relation to the US dollar.
Later, between 1:30 and 2:30 PM, the interbank rate increased to the 304 level before anchoring trends for the rest of the day.
The value of the USD relative to the PKR has increased by Rs. 15.60 since the caretaker administration took office.
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Open market rates (recorded) were in the 307–311 range at several currency counters.
The PKR gained Rs. 2.04 against the dollar today, increasing by 0.67 percent to settle at 304.94.
The difference between interbank and open market rates has significantly narrowed by more than Rs. 30 this week, in line with the International Monetary Fund’s demand of maintaining a 1.25 percent premium on exchange rate movement. The rates have dropped from the 337 reported on Monday by up to Rs. 33 to as low as 307 and have since fluctuated briefly, reaching as high as 311 today. Several market watchers have opined that buyers are few and sellers are eager to make a profit.
Since these players have been forced underground by the government’s most recent crackdown, the reporting of street rates is currently dubious even though the black market rate has decreased close to the Bank rate.
Relevantly, since January 2023, the currency has lost about Rs. 85. In terms of the dollar, it has lost more than 132 rupees since April 2022. The PKR has increased by more than Rs. 2 versus the dollar, according to today’s exchange rate moves.
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It is noteworthy that the currency market has changed for the worse after authorities tightened their control over exchange firms and began mercilessly going after unauthorized currency merchants all around the nation.
On the interbank market today, the PKR was in the green relative to every other significant currency. It increased by Rs. 1.32, Rs. 5.25, and Rs. 1.45 in relation to the Canadian Dollar (CAD), British Pound (GBP), and Australian Dollar (AUD), respectively.
In today’s interbank currency market, it also gained Rs. 2.81 against the Euro (EUR), 53 against the Saudi Riyal (SAR), and 55 against the UAE Dirham (AED).
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