[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]Today, the Pakistani rupee (PKR) made advances against the US dollar and gained further ground.
The interbank rate increased by Rs. 5 to reach Rs. 279.17 by 11 AM today, with the Pakistani rupee remaining largely constant throughout intraday activity. It decreased to 283-284 around 1:25 PM and remained there.
After gaining 42 paisas today, the PKR increased by 0.15 percent at close and stopped moving at 283.47.
The rupee was completely in the green today as a result of improved market sentiment and cash movers looking forward to the long weekend following a turbulent few weeks that shook the foundations of the market to their very core.
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The final three days of Ramazan saw rapid dollar inflows from Pakistanis living abroad, according to currency traders working largely in Karachi counters, which helped the local unit regain further ground. Although political commotion and economic woes have contributed to the pressure on the rupee, one trader claimed that the PKR is currently trading with short spots before moving towards 300 against the USD. In addition to the projection, he hopes the currency stays at 290 for at least three months until more clarity is seen in all aspects of macroeconomic and fiscal management.
Market players are anxiously awaiting the Extended Fund Facility (EFF) of the International Monetary Fund (IMF), whose operations have been halted since last year. Additionally, a decrease in import payments and a rise in worker remittances have decreased demand for US dollars.
On Thursday, the dollar saw global weakness. The US dollar’s value as a reserve currency has dramatically declined during the last few weeks. The dollar has been under a lot of pressure, which has had a negative impact on the US economy, as a result of extraordinary measures taken by Russia, India, China, and some other countries to forego the dollar in favour of promoting their own currencies.
Relevantly, since January 2023, the rupee has lost roughly Rs. 53. It has lost more than Rs. 101 against the US dollar since April 2022. The PKR has maintained its value against the dollar, according to changes in exchange rates seen today.
On the interbank market today, the PKR was in the green relative to every other significant currency. It increased in value versus the Saudi Riyal (SAR), the UAE Dirham (AED), the Australian Dollar (AUD), and the Canadian Dollar (CAD) by eight paisas, twelve paisas, 54 paisas, and Rs. 1.34, respectively.
In today’s interbank currency market, it also gained 82 paisas versus the Euro (EUR) and Rs. 1.71 against the Pound Sterling (GBP).[/vc_column_text][/vc_column][/vc_row]
