The Pakistani rupee has been outperforming the US Dollar in recent days. Let’s simplify this financial progress.
The Pakistani rupee has strengthened against the US dollar for 27 days. The rupee has constantly appreciated against the US Dollar.
The rupee opened the day at 277 in the interbank market. It gained momentum and traded between 276 and 278 versus the US Dollar during the day. It finished at 277.62, up 0.35 percent versus the dollar.
The Pakistani rupee has gained 29.43 rupees versus the US Dollar in 24 days. If you swapped money 24 days ago, you’d earn more rupees per US Dollar. Since September 4, the rupee has recovered 60 rupees versus the dollar in the open market.
The interbank (official) exchange rate is closing the gap with open market prices. It fell 52 rupees last month and 8 rupees in October. Exchange rates have ranged from 276 to 278.
The Pakistani rupee has improved after SBP Governor Jameel Ahmad delivered hopeful news. He said the central bank’s economic stabilization efforts worked. Inflation has dropped and the external account has improved, building foreign currency reserves. Support of a Stand-By agreement with the IMF should maintain economic stabilization.
However, the IMF predicted that Pakistan would require significant external funding and experience pressure on currency rates and foreign reserves. The market is more hopeful and has ignored this projection.
The Pakistani rupee has strengthened versus the US Dollar and other major currencies in the interbank market. They gained 25 and 26 paisas versus the Saudi Riyal (SAR) and UAE Dirham, respectively.