The Pakistani rupee rose higher against the US Dollar to extend its win streak to 25 days today after opening trade at 281 in the interbank market.
At 11:30 PM, it was bullish, rising as high as 278 after gaining ~Rs. 3 against the greenback.
Later, the interbank rate eased to the 279 level between 1:30 PM and 2:30 PM before anchoring trends for the remainder of the day.
In the last 22 sessions, the PKR has gained Rs. 27.54 against the greenback.
Open market rates across multiple currency counters stood in the 276-280 range today. Since September 4, the open market rate has recovered massively by roughly Rs. 57 against the greenback.
At close, the PKR appreciated by 0.36 percent to close at 279.51 after gaining Rs. 1 against the dollar today.
The rupee continued its good run 25th day in a row today, closing below 280 for the first time since July 2023. The gap between interbank and open market rates massively shrunk by roughly Rs. 52 last month, and already by ~Rs. 7 in October. The rates have gone down to as low as 276 and have since continued brief spikes to 280 today.
Pertinently, the rupee is down nearly Rs. 60 since January 2023. Since April 2022, it is down over Rs. 107 against the greenback. As per exchange rate movements witnessed today, the PKR has gained Rs. 1 against the dollar.
In a key development, the International Monetary Fund (IMF) has projected the GDP growth rate for Pakistan at 2.5 percent for 2024 against a negative 0.5 percent in 2023. The Fund in its latest report “World Economic Outlook 2023, Navigating Global Divergences”, has projected an inflation rate of 23.6 percent for 2024 against 29.2 percent in 2023. However, the report has projected consumer prices for the end of the period of 2024 at 17.5 percent against 29.4 percent in 2023.
The PKR was green against all of the other major currencies in the interbank market today. It gained 26 paisas against the Saudi Riyal (SAR) and 27 paisas against the UAE Dirham (AED).
Moreover, it gained 58 paisas against the Australian Dollar (AUD), 74 paisas against the Canadian Dollar (CAD), 95 paisas against the British Pound (GBP), and Rs. 1.23 against the Euro (EUR) in today’s interbank currency market.
Source: Pro Pakistani