For the second consecutive day, the Pakistani Rupee has seen an increase against the US Dollar, maintaining its position after opening at a trade rate of 279 in the interbank market. This rise comes amid growing post-election stability, providing a positive outlook for the currency.
Throughout the day, the Rupee remained mostly stable against the US Dollar, mirroring its previous day’s performance during intraday trading. The interbank rate hovered around 280 for the majority of the day but concluded at the 279 marks. Similarly, in the open market, the currency fluctuated between 279 and 280.
The Rupee experienced a slight appreciation of 0.06 percent, ending the day at 279.32 against the US Dollar, marking a gain of 17 paisas. This movement is part of a broader trend of appreciation, with the Rupee strengthening by 2.37 percent on a fiscal year-to-date basis.
Despite these gains, the Rupee has depreciated by nearly Rs. 60 since January 2023 and by over Rs. 107 against the Dollar since April 2022.
In contrast to its performance against the US Dollar, the Rupee did not fare as well against other major currencies in the interbank market. It witnessed a decline of 76 paisas against the Australian Dollar, 98 paisas against the Canadian Dollar, Rs. 1.29 against the Euro, and Rs. 1.69 against the British Pound.
On a brighter note, the Rupee managed to secure a gain of four paisas against both the Saudi Riyal and the UAE Dirham, indicating a mixed performance in the currency exchange market today.