The Pakistani rupee opened trading at 283 in the interbank market today, strengthening against the US dollar for the second day in a row.
Before stabilizing trends for the rest of the day, the interbank rate stood at 283. Today’s open market rates were between 283 and 285 at several currency counters.
The PKR gained 17 paisas versus the dollar today, and at closure, it had advanced by 0.06 percent to close at 283.61.
Read More: SBP’s Key Interest Rate Remains the Same Amid Economic Challenges
For the second straight day, the rupee ended the day in the green. It has depreciated by 20.16 percent so far this calendar year and appreciated by 0.84 percent so far this fiscal year.
Read More: Massive Change in Dirham Rates in Pakistan – AED to PKR
The rupee has decreased overall since January 2023 by over Rs. 66. It has decreased by more than Rs. 113 versus the US dollar since April 2022. According to today’s exchange rate moves, the PKR has appreciated 17 paisas in relation to the US dollar.
The State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) made a significant decision on Tuesday to maintain the policy rate at 22 percent.
The Committee believed that although there were some mitigating factors, such as the recent drop in global oil prices and the increased supply of agricultural products, this might have an impact on the inflation outlook. In addition, the Committee determined that inflation is anticipated to continue declining and that the real interest rate is positive when looking ahead for a full year.
The political spectrum is changing, and traders pointed out that if elections are postponed for whatever reason, it would prevent further expansion. For a large portion of international exporters and investors, sentiments are crucial. “During the day, exchange counter traffic is normal. Any deviation from the current policies on the FX market in the upcoming months could put an end to the recovery. We have peace for the time being,” one of them said.
Against the majority of the other major currencies in the interbank market today, the PKR was up. In relation to the UAE Dirham (AED), Saudi Riyal (SAR), Canadian Dollar (CAD), Australian Dollar (AUD), British Pound (GBP), and 81 paisas against the Australian dollar (GBP), it gained four paisas, five paisas, and 1.27 rupees, respectively.
In contrast, it lost 3 paisas in today’s interbank currency market against the Euro (EUR).
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