The Pakistani rupee maintains its strong performance versus the US dollar, extending its winning streak to ten days. It began the trading day at 296 in the interbank market and hit a high of 294 at midday, representing a Rs. 2 advance against the US dollar.
The interbank exchange rate remained strong throughout the day, maintaining stable at about 295 between 1:30 PM and 2:30 PM before settling at this level for the duration of the day.
The rupee has also performed well in the open market, with exchange prices ranging from 294 to 298 today at different currency counters. This recovery pattern has been especially notable, since the open market rate has risen dramatically, rising by almost Rs. 44 versus the US dollar since September 4.
The PKR gained 0.3 percent at the conclusion of the trading day, finishing at 295.94 and gaining 90 paisas versus the US dollar.
Following last week’s spike in gas prices, which reached Rs. 331.38, this beneficial news comes as a welcome relief. Furthermore, the spread between interbank and open market rates has shrunk significantly in September, falling by around Rs. 44. Rates have varied between 294 and 299 today, down from a high of 337 recorded only last Monday.
It is vital to note that the rupee has lately had difficulties, losing approximately Rs. 75 since January 2023 and more than Rs. 122 since April 2022 versus the US dollar. Nonetheless, recent currency rate changes have resulted in the PKR gaining more than 90 paisas versus the US dollar.
Furthermore, the rupee gained ground today versus other major currencies in the interbank market, including the Saudi Riyal, UAE Dirham, Canadian Dollar, British Pound, Euro, and Australian Dollar. This strong performance demonstrates increased trust in the Pakistani rupee’s stability.
