For the 14th consecutive day, the Pakistani Rupee (PKR) has gained ground versus the US Dollar (USD) in the interbank market.
As of 11:30 PM, the PKR had reached a high of 291 versus the USD, representing an astounding gain of nearly Rs. 1 against the dollar.
The interbank rate varied between 291 and 292 throughout today’s trading session, eventually settling at 291.
The PKR has appreciated by Rs. 15.3 versus the USD during the previous 13 trading sessions, exhibiting a continuous rising trend.
Exchange rates in the open market were between 292 and 295, showing the PKR’s increasing strength. Since September 4, the open market rate has recovered significantly, increasing by about Rs. 47 versus the USD.
At the end of today’s trading session, the PKR has gained 0.35 percent, finishing at 291.76 after gaining Rs. 1.01 versus the US dollar.
The spread between interbank and open market rates has shrunk by Rs. 47 in September alone. Rates have fallen from 337 recorded last Monday to as low as 291, with occasional transient surges up to 295.
Despite the PKR losing over Rs. 72 since January 2023 and more than Rs. 119 since April 2022, today’s exchange rate movements show a significant increase of more than Rs. 1 versus the dollar.
The PKR strengthened versus other major currencies in today’s interbank market, gaining against the Canadian Dollar (CAD), Saudi Riyal (SAR), UAE Dirham (AED), Euro (EUR), and British Pound (GBP). However, it fell somewhat versus the Australian Dollar (AUD).