In the interbank market, the Pakistani rupee extended its current advances against the US dollar for the 19th day. Opening at 289 versus the US dollar, the rupee exhibited exceptional strength.
By 11:30 AM, the rupee had risen to 283, up Rs. 6 versus the dollar. The interbank rate reached 286 between 1:30 PM and 2:30 PM, then stayed at 285 for the remainder of the day.
In 16 sessions, the Pakistani rupee has gained Rs. 21.33 versus the US dollar. Open market rates at currency exchange counters varied from 282 to 286 on this day. Since September 4, the open market rate has appreciated by Rs. 52 versus the US dollar.
The Pakistani rupee rose 0.36 percent to 285.72 per dollar, up Rs. 1.04. In the previous month, the spread between interbank and open market rates has shrunk by Rs. 52. Rates have ranged from 282 to 286.
Despite this recent spike, the Pakistani rupee has fallen by over Rs. 66 since January 2023 and over Rs. 113 against the US dollar since April 2022. Current currency rate movements are encouraging, with the Pakistani rupee gaining more than Rs. 1 versus the US dollar today.
This is a major change in the World Bank’s 2023-24 GDP growth forecast for Pakistan. The 2 percent prediction has been lowered to 1.7 percent. The World Bank’s recent study urges Pakistan to adopt comprehensive reforms and achieve fiscal sustainability to protect its economy from internal and external shocks.
Today in the interbank market, the Pakistani rupee strengthened versus other major currencies. It rose 28 paisas versus the Saudi Riyal (SAR), UAE Dirham (AED), Canadian Dollar (CAD), and British Pound (GBP). In addition, the Pakistani rupee rose Rs. 3.19 versus the Australian Dollar (AUD) and Rs. 3.34 against the Euro.