The Pakistani rupee has prevailed for 22 straight days versus the US dollar, demonstrating its resilience. This major currency exchange move has been widely monitored by specialists and economists.
The interbank Pakistani rupee began trading at 284 versus the US dollar today. It rose to 279, a gain of almost Rs. 3 versus the US dollar, throughout the day.
The interbank rate fell to 282 from 1:30 to 2:30 PM but stayed steady all day. The Pakistani rupee has gained Rs. 24.36 versus the US dollar in 19 trading sessions. Open market rates have risen from 278 to 283. The open market rate has recovered by Rs. 56 versus the US dollar since September 4.
After gaining 93 paisas versus the US dollar, the Pakistani rupee closed at 282.69, up 0.33 percent. The Pakistani rupee has gained 22 straight days versus the US dollar. In particular, the margin between interbank and open market rates has shrunk by Rs. 52 last month and Rs. 5 this week. Rates have fluctuated between 278 and 283.
This recent triumph must be seen in perspective. The Pakistani rupee has fallen almost Rs. 63 since January 2023 and over Rs. 110 against the US dollar since April 2022. Despite these hurdles, the PKR has gained nearly 90 paisas versus the US dollar today.
If international prices and the Pakistani Rupee stay consistent, petrol and diesel per-liter costs might fall below 300 on October 15. According to Arif Habib Limited, local petrol and diesel prices would drop by Rs. 41/liter and Rs. 19/liter in the next weekly price adjustment starting October 16, 2023.
The Pakistani rupee outperformed most major currencies in today’s interbank market. It gained two paisas against the Canadian Dollar (CAD), nine against the Euro (EUR), 11 against the Australian Dollar (AUD), 24 against the Saudi Riyal (SAR), and 25 against the UAE Dirham.