The Pakistani rupee has recently been on an impressive winning run vs the US dollar, continuing to rise in the interbank market for the 16th straight day. Investors and dealers alike have been paying attention to this spike in the value of the rupee.
The rupee opened the interbank market at 292 versus the US dollar at the beginning of the day. However, it had a modest decline in the early morning, dropping to 293 and losing around 3 rupees versus the dollar. However, this decline was just temporary as the rupee swiftly recovered strength.
The interbank rate reached its noon low of 290 between 1:30 PM and 2:30 PM. The rupee stabilized around 289 as the day went on and stayed there for the whole of the trading session.
The Pakistani rupee has appreciated significantly over the last 15 sessions, gaining by Rs. 17.26 vs the US dollar. This outstanding result has inspired confidence in the market and encouraged investors.
The exchange rate remained between 289 and 291 for the whole day on the open market. The open market rate has significantly recovered since September 4, increasing by almost Rs. 48 versus the US dollar.
The value of the rupee increased by 0.37 percent at the end of the trading day, reaching 289.8 and winning Rs. 1.06 versus the US dollar. This upward trend is attributed by traders to optimistic market emotions ahead of the long weekend beginning on Friday.
The Pakistani rupee displayed strength against all major currencies in today’s interbank currency market, rising by 28 paisas against the Saudi riyal (SAR), 29 paisas against the UAE dirham (AED), 1.07 against the Canadian dollar (CAD), 2.66 against the euro (EUR), and 3.12 against the British pound (GBP).