[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]After opening at 271 in the interbank market, the Pakistani rupee gained significantly versus the US dollar during intraday trade today.
At 10 a.m., it had gained almost Rs. 11 or about 4% against the US dollar, increasing to 274.98.
It was trading at 274.2 against the dollar at 10:12 a.m., after originally remaining at 277.77 for the first 5 minutes of trade.
The Pakistani rupee strengthened between 9:30 and 10:15 a.m., with the interbank rate jumping by 5%, or Rs. 14.9, and remaining at that level. This is the highest PKR recovery since 12 May 2023 when the local unit gained Rs. 13.85 or 4.87 percent against USD before intraday movement was suspended.
Also Read: Pakistan, IMF reach staff-level pact on crucial $3 billion bailout
Open market rates across different currency counters increased by more than Rs. 15 to as high as 279, with further gains likely before the day’s close.
Almost everywhere, dollar trade has turned a new leaf as traders reap a stronger impact before today’s closing. Indicators appear to be justified, with more improvement anticipated. According to industry specialists, the market remains volatile in response to IMF news, and this feature may linger into July.
The informal exchange rate has recovered dramatically, reaching 281 at 11:30 a.m. in reaction to the $3 billion bailout accord with the International Monetary Fund (IMF).
Today’s cash rate per dollar in Hundi is projected to dip below 285 when data is released later today, however many believe it will remain over 290 and as low as 295.
According to one trader, interbank volume will continue positive this week, with daily digital transactions averaging around $3-5 million. For the time being, cash counters have normalised movement in response to the surprisingly welcome sellers’ pressure, but news on Hundi/Hawala exchange margins in the next few hours might significantly improve things, he noted.[/vc_column_text][/vc_column][/vc_row]
