The Pakistani rupee is strengthening against the US dollar for the 12th straight day. Similar to a winning streak in a sporting event, but in the financial realm. In the interbank market, the rupee opened the day at 296 to the US dollar.
The rupee continued to perform well about midday, rising as high as 292, earning approximately 3 rupees versus the US dollar. It lessened a little in the late afternoon and stabilized at 293; it stayed at this level for the remainder of the day.
If you’re curious about open market rates, which are the rates at which individuals exchange money, they today vary from 292 to 297. That is a significant increase from September 4, when the rupee gained almost Rs. 46 versus the US dollar.
The Pakistani rupee strengthened by 0.35% towards the conclusion of the trading day, finishing at 293.8 after gaining Rs. 1.02 versus the US dollar today.
To lessen speculative activity and bring the interbank and open market rates closer together, exchange businesses in Pakistan are collaborating closely with governmental organizations. The value of the rupee is being stabilized through this collaboration.
In the interbank market today, the Pakistani rupee also fared well versus other important currencies. In comparison to the Australian Dollar, British Pound, Euro, Australian Dollar, and Saudi Riyal, it increased. Furthermore, it significantly improved versus the Canadian Dollar.