Rupee Up 23rd Day in a Row Against US Dollar
After starting the day at 283 in the interbank market, the Pakistani rupee increased against the US dollar to extend its winning streak to 23 days.
It was bullish around 11:30 PM, reaching as high as 278 after gaining Rs. 4 in relation to the US dollar.
Later, between 1:30 and 2:30 PM, the interbank rate dropped to the 281 level before anchoring patterns for the rest of the day.
The PKR has increased by Rs. 25.4 against the US dollar over the past 20 sessions.
Today’s open market rates were in the 278–283 area across several currency counters. The open market rate has significantly increased by about Rs. 56 versus the US dollar since September 4.
The Pakistani rupee gained Rs. 1.04 versus the dollar today, increasing by 0.37 percent to settle at 281.65.
Today marked the 23rd day in a row that the rupee has been strong. The difference between interbank and open market rates significantly narrowed last month, by around Rs. 52, and already by Rs. 6 in October. The rates have dropped as low as 277 and since then have continued with brief peaks reaching 284 today.
The rupee has lost about 62 rupees since January 2023, which is pertinent. It has lost more than 109 rupees in value versus the dollar since April 2022. The PKR has increased by more than 1 rupee in relation to the dollar, according to today’s exchange rate moves.
On the interbank market today, the PKR was in the green relative to every other significant currency. It increased by two pesos (CAD) against the Canadian Dollar, 28 pesos (SAR) against the Saudi Riyal, 28 pesos (AED) against the UAE Dirham, 64 pesos (AUD) against the Australian Dollar, and Rs. 1.6 (EUR) against the Euro.
