On Wednesday, the Pakistani Rupee (PKR) performed well against the US Dollar (USD) on the open market, indicating a narrowing of the gap with the interbank rate.
As the trading day came to a close, the rupee was strong in the open market, trading at about 323 for selling and 320 for purchasing. This increasing trend was paralleled in the interbank market, where the local currency gained significantly. By the conclusion of today’s session, the PKR has gained Rs. 0.12 versus the USD.
In concrete terms, the PKR fell 0.04 percent versus the USD, finishing at Rs. 306.98, a good change from the previous day’s loss of Rs. 1.46, which saw it end at Rs. 307.10.
The recent meeting between Chief of Army Staff (COAS) General Asim Munir and leaders from the business sector may be ascribed to the rupee’s rebound on the open market. COAS Munir vowed to increase transparency in the dollar exchange rate and interbank rates at this meeting, assuring the business sector.
Furthermore, the PKR gained ground versus a number of other currencies in the interbank market. It gained 0.65 percent versus the Euro (EUR), 0.033 percent against the UAE Dirham (AED), and 0.034 percent against the Saudi Riyal (SAR).
However, the rupee fell by Rs. 0.23 versus the British Pound (GBP), and also suffered slight losses against the Australian Dollar (AUD) and Canadian Dollar (CAD), falling by Rs. 0.30 and Rs. 0.08, respectively.