In the interbank market, the Pakistani rupee has risen for the fifteenth consecutive day against the US dollar, a remarkable trend. This positive trend began when the rupee opened at 289 per dollar.
The open market exchange rates at numerous currency exchange counters ranged between 288 and 291. Since September 4, the open market rate has increased by approximately 48 rupees against the U.S. dollar.
The Pakistani Rupee appreciated by 0.31 percent by the end of the trading day, closing at 290.86 and acquiring 90 paisas against the US Dollar.
This upward trend in the rupee follows last week’s announcement by the Election Commission of Pakistan (ECP) of General Elections. The ECP has affirmed that the length of the election campaign will be 54 days, with the actual election scheduled for the end of January 2024.
According to a report by Topline Securities, short-term market drivers include the impending election, the trajectory of the Pakistani Rupee (PKR), and the International Monetary Fund’s November review.
In September, the disparity between interbank and open market rates decreased substantially by approximately Rs. 48. Monday’s reported rate of 337 has since fluctuated between 288 and 292.
Notably, despite the rupee’s decline of nearly Rs. 71 since January 2023 and Rs. 118 since April 2022, today’s exchange rate fluctuations indicated a gain of over 90 paisas against the U.S. dollar.
On the interbank currency market today, the Pakistan Rupee strengthened against all major currencies, gaining 24 paisas against the Saudi Riyal (SAR), 24 paisas against the United Arab Emirates Dirham (AED), 82 paisas against the Canadian Dollar (CAD), Rs. 1.04 against the Euro (EUR), and Rs. 1.76 against the British Pound (GBP).
In addition, it strengthened by 87 paisas versus the Australian Dollar (AUD). This performance demonstrates the Pakistani Rupee’s resilience on the currency market.