In a positive economic turn, the Pakistani rupee has been on an impressive winning streak against the US Dollar, marking 28 consecutive days of gains. The streak began with the rupee opening trade at 278 in the interbank market.
As of 11:30 PM, the rupee was performing strongly, maintaining levels between 275 and 278 against the US Dollar.
In the early afternoon, between 1:30 PM and 2:30 PM, the interbank rate eased slightly, falling to 277. However, it remained steady at this level for the remainder of the day.
Over the past 25 trading sessions, the Pakistani rupee has made significant gains, appreciating by Rs. 30.22 against the US Dollar.
Open market rates also reflect this positive trend, with rates across multiple currency counters hovering in the 275-276 range on the day this report was prepared. Notably, since September 4, the open market rate has seen a substantial recovery, gaining approximately Rs. 61 against the US Dollar.
By the end of the day, the Pakistani rupee showed a 0.29 percent appreciation, closing at 276.83. This translates to a gain of 79 paisas against the US Dollar on the same day.
This remarkable run of the rupee extends to 28 consecutive days. The gap between interbank and open market rates has significantly reduced, shrinking by roughly Rs. 52 last month and by about Rs. 9 in October. Rates have fluctuated but are primarily in the range of 275 to 277.
It’s important to note that despite these recent gains, the Pakistani rupee has still seen a depreciation of nearly Rs. 59 since January 2023. Looking back to April 2022, the depreciation against the US Dollar is even more significant, at over Rs. 106.
However, recent exchange rate movements have seen the Pakistani rupee gaining nearly 80 paisas against the US Dollar, which is undoubtedly a positive development for Pakistan’s currency.