The Pakistani rupee has been strengthening against the US dollar lately, and today was the eleventh day in a row that this trend has been favorable in the interbank market. Let’s simplify this to understand what it implies
The Pakistani rupee opened trading at 292 versus the US dollar at the start of the day. It demonstrated its power as the day went on, rising to 291 and winning almost Rs. 5 in relation to the US Dollar.
The rate began to decrease around lunchtime and remained there for the remainder of the day, settling between 1:30 and 2:30 PM at 294.
Open Market Rates
The open market rates, or the prices at which people and companies exchange currencies, range from 292 to 299 at the moment. Since September 4, the rupee has appreciated by around Rs. 45 vs. the US dollar, therefore this represents a notable increases
After rising by Rs. 1.05 vs. the US dollar today, the Pakistani rupee gained 0.36 percent at the conclusion of the trading day, finishing at 294.9.
Optimistic Market Prospects
Recent observations by market analysts of a favorable trend defy previous projections for the exchange rate in 2023–24. Topline Securities projects that by June 2024, the interbank market’s Pakistani Rupee (PKR) to US Dollar (USD) parity would probably be in the region of Rs. 320–340.
The recent actions made by the government to stabilize the value of the currency in both the official interbank market and the open market are responsible for the PKR’s better performance.
Uneven Outcomes Compared to Other Currencies
The Pakistani rupee (PKR) fared well in the interbank market today versus a number of other major currencies, including the Australian dollar, Saudi riyal, UAE dirham, euro, and British pound. It did, however, lose some ground in relation to the Canadian Dollar.