Today, after trading at 280 in the interbank market, the Pakistani rupee recovered some of its losses vs the US dollar.
It was up as much as 278 at 11:30 PM, following an intraday gain of about Rs. 3 versus the US dollar.
Afterward, the interbank rate returned to 282, anchoring trends for the rest of the day. Today, open market rates were steady across various currency counters in the 279–283 area.
The PKR gained 17 paisas versus the dollar today, and at close, it had advanced by 0.06 percent to close at 281.72.
On the previous day, the rupee ended its 13-day winning streak. Today, it closed higher. Its appreciation for the fiscal year has been 1.51 percent thus far.
Read More: December 2023 Sees Record Collection, 22% Surge Over 2022
The rupee has decreased overall since January 2023 by over Rs. 62. It has decreased by more than Rs. 109 versus the US dollar since April 2022. According to today’s exchange rate moves, the PKR has appreciated 17 paisas concerning the US dollar.
Notably, a number of the best money managers in the world believe that Pakistan’s dollar-denominated bonds will do well in 2024. With just one month until the current IMF program expires in March of this year, investors are attempting to assess the risks as Pakistan prepares for elections.
It is widely anticipated that the PKR will appreciate significantly if the IMF distributes further funding for Pakistan. While there may be brief bull cycles left in the budget for the rest of FY24, projections for the conclusion of CY24 are not encouraging. By the end of December 2024, many analysts and brokerages predict that the PKR could drop as low as 325 versus the US dollar.
In today’s interbank market, the PKR was up against every other major currency. It gained Rs. 2.18 against the Australian Dollar (AUD) and Rs. 5.10 against the British Pound (GBP). 1.6 against the Canadian Dollar (CAD), and five paisas against the UAE Dirham (AED).
Additionally, today’s interbank currency market gained four paisas against the Saudi Riyal (SAR) and Rs. 2.18 versus the Euro (EUR).
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