The Pakistani rupee (PKR) ended the week with significant gains against the US Dollar, opening trade at 278 in the interbank market. The rupee remained stable throughout the day and closed in green against the greenback for the second consecutive day. Additionally, it posted gains against all other major currencies during today’s session.
The interbank rate held steady at 278/$ for most of the day, closing at the same level. Open market rates across multiple currency counters were consistently at the 278 level today. The PKR appreciated by 0.06 percent, closing at 278.5 after gaining 16 paisas against the dollar.
On a fiscal year-to-date basis, the rupee has depreciated by 0.05 percent. Overall, the rupee has declined nearly Rs. 51.60 since January 2023, and since April 2022, it is down Rs. 95.60 against the greenback. Despite these long-term declines, today’s session saw the PKR gaining 16 paisas.
The PKR was also green against all other major currencies in the interbank market today. It gained four paisas against the UAE Dirham (AED), six paisas against the Saudi Riyal (SAR), 20 paisas against the Euro (EUR), and Rs. 2.35 against the British Pound (GBP). Additionally, it gained 40 paisas against the Australian Dollar (AUD) and 77 paisas against the Canadian Dollar (CAD) in today’s interbank currency market.
These gains reflect a positive end to the week for the Pakistani rupee, indicating a potential stabilizing trend amidst the fluctuating currency market.