The Pakistani rupee has appreciated against the US dollar for an amazing 21 straight days, a rare financial achievement. This accomplishment is noteworthy and has attracted interest from a number of sources. Let’s examine this incredible streak’s specifics and ramifications.
In the interbank market, the Pakistani rupee opened trading at 289 to start its winning run. Its intensity grew more apparent during the day, peaking at 280.725. This increase versus the US dollar represented a gain of almost Rs 9.
The interbank rate later in the day, between 1:30 PM and 2:30 PM, marginally dropped to the 283 level before stabilizing for the rest of the day. The Pakistani rupee has gained significantly against the US dollar during the last 18 sessions, amounting to Rs. 23.43.
This winning run was also reflected in the open market prices, with some currency counters displaying values in the 280–284 area on a particular day. The open market rate has significantly improved since September 4, rising by almost Rs. 54 versus the US Dollar.
The Pakistani rupee increased by 0.37 percent at the day’s end, strengthening by Rs. 1.06 versus the US dollar to settle at 283.62. It is remarkable that this performance has been steady throughout the last 21 days.
The amazing run of the Pakistani rupee on the currency markets continued for the twenty-first day in a row. Notably, the difference in rates between the interbank and open markets has shrunk considerably, falling by around Rs. 52 over the last month and by an additional Rs. 4 this week. The rates have varied between 280 and 284, demonstrating the renewed strength of the currency.