In an unexpected change of events, the Pakistani rupee has gained 20 straight days versus the US Dollar. The rupee opened at 288 in the interbank market, starting its bullish trend.
The rupee rose to 281 against the dollar at 11:30 PM, a gain of Rs. 8. Later in the day, the interbank rate eased, holding at 285 between 1:30 PM and 2:30 PM before ending at 284 for the day.
The PKR has gained Rs. 22.37 versus the US Dollar in 17 trading sessions. Many currency exchange counters quoted open market rates between 281 and 285. Since September 4, the open market rate has recovered by Rs. 53 versus the US Dollar.
After raising Rs. 1.04 versus the US Dollar, the PKR closed at 284.68, up 0.37 percent.
The rupee’s 20-day winning run has drawn attention. Digital transactions, especially the IMF 1.25 percent settlement ratio, are boosting the rupee-to-dollar exchange, analysts say. Further improvements are expected as exports rise.
Also remarkable is the enormous spread between interbank and open market rates, which dropped by Rs. 52 last month and Rs. 3 this week. Rates have decreased to 281, with short rises to 285.
Remember that the Pakistani rupee has fallen approximately Rs. 65 since January 2023 and over Rs. 112 against the US Dollar since April 2022. Current currency rates show the PKR rising beyond Rs. 1 versus the US Dollar.
In today’s interbank market, the PKR showed strength versus other major currencies. It rose 27 paisas against the Saudi Riyal (SAR), 27 against the UAE Dirham (AED), 91 against the Canadian Dollar (CAD), and a substantial Rs. 1.44 versus the British Pound.
It also gained 72 paisas versus the Australian Dollar (AUD) and Rs. 1.23 against the Euro.
PKR merchants and analysts are hopeful about the currency’s future due to its strong performance.