The Pakistani rupee has extended its winning trend against the U.S. dollar to twenty-four days in a row. As the rupee continues to gain ground against the dollar, this financial trend has been closely monitored.
Opening at 282 on the interbank market, the rupee’s performance was bullish as it surged to a high of 279, representing a remarkable gain of approximately 3 rupees against the U.S. dollar. Later in the day, the interbank rate decreased to 280, where it remained for the remainder of the trading day.
The Pakistani Rupee has strengthened by Rs. 26.54 against the U.S. dollar over the course of the previous twenty-one trading sessions. The open market rates have reflected this increase by fluctuating between 277 and 281. Since September 4, the open market rate against the US dollar has increased by approximately 57 rupees.
The Pakistani Rupee appreciated by 0.41 percent by the end of the trading day, closing at 280.5 and recording a daily gain of Rs. 1.14 against the U.S. dollar.
CEO of Topline Securities, Mohammed Sohail, commented on today’s intraday performance, observing that the Pakistani Rupee has achieved a record monthly gain of nearly 17% against the US Dollar in the open market.
This extraordinary increase in value, from Rs. 328 on September 4 to Rs. 280 today, is all the more remarkable given the strength of the US Dollar versus other global currencies. Sohail attributes this achievement to the fact that currency investors and smugglers previously disregarded local laws.
The Pakistani Rupee demonstrated strength against other major currencies on the interbank currency market today, gaining 30 paisas against the Saudi Riyal (SAR) and 31 paisas against the UAE Dirham (AED). In contrast, it lost 16 paisas to the Canadian Dollar (CAD), 75 paisas to the Australian Dollar (AUD), Rs. 1.1 to the Euro (EUR), and Rs. 1.15 to the British Pound (GBP).