On the interbank market today, the Pakistani Rupee (PKR) continued its extraordinary winning streak against the US Dollar (USD).
Today, the Pakistan Rupee strengthened further against the US dollar, appreciating by Rs 1.05, or 0.36 percent. Consequently, the PKR ended the trading session at Rs. 288.75. This performance is a continuation of yesterday’s gain, when the PKR strengthened by Rs. 1.06 against the USD to close at Rs. 289.80.
During this month alone, the PKR has shown significant fortitude, appreciating nearly 6% against the USD. Taking into account the PKR’s performance earlier in the year, this is indeed an impressive comeback. The PKR has depreciated by 21.58 percent since the beginning of 2023, with a 0.96 percent decline since the commencement of the current fiscal year.
On September 5, the PKR reached an all-time low of Rs. 307.10 against the USD. However, subsequent measures taken against smuggling and stockpiling, along with structural reforms introduced by the State Bank of Pakistan (SBP) in the Exchange Companies’ sector, have turned the tables.
The USD exchange rate on the open market has also improved significantly, falling from above Rs. 335 at the beginning of September to approximately Rs. This represents a significant recovery of roughly 45 rupees.
Moreover, in today’s interbank market trading, the PKR demonstrated strength in comparison to other main currencies. It rose 1.86 rupees versus the Euro (EUR), 2.28 rupees versus the British Pound (GBP), and 1.51 rupees versus the Australian Dollar (AUD).
In addition, the PKR recorded gains of Rs 1.12 versus the Canadian Dollar (CAD), Rs 0.28 versus the UAE Dirham (AED), and Rs 0.27 versus the Saudi Riyal.