Rupee Ends 28-Day Win Streak Against US Dollar

The Pakistani rupee ended its 28-day win streak against the US Dollar and posted losses today after opening trade at 278.5 in the interbank market.

At 11:30 PM, it was stable, treading the 276 level against the greenback.

Later, the interbank rate dropped to the 278 level between 1:30 PM and 2:30 PM before anchoring trends at 277 for the remainder of the day. Open market rates across multiple currency counters stood in the 277-279 range today.

At close, the PKR depreciated by 0.07 percent to close at 277.03 after losing 20 paisas against the dollar today.

The rupee reversed its massive run today after gossip surrounding the International Monetary Fund’s upcoming review of Pakistan’s bailout unnerved markets today.

Despite today’s losses, the gap between interbank and open market rates massively is still down by Rs. 60 since 4 September. The rates have gone down to as low as 277 and have since continued brief spikes to 280 today.

Pertinently, the rupee is down nearly Rs. 59 since January 2023. Since April 2022, it is down over Rs. 106 against the greenback. As per exchange rate movements witnessed today, the PKR has lost 20 paisas against the dollar.

Similar to the forex market, the stock market reversed early-day gains after briefly edging the 50,000 barrier for the first time in over 6 years. The buying frenzy at PSX intensified during the early hours of trade today before renewed gossip and reports regarding the upcoming IMF review reversed gains. The benchmark KSE-100 index closed at 49,531 after losing 200 points.

The PKR was red against all of the other major currencies in the interbank market today. It lost five paisas against the Saudi Riyal (SAR) and five paisas against the UAE Dirham (AED).

Moreover, it lost nine paisas against the British Pound (GBP), 42 paisas against the Canadian Dollar (CAD), 48 paisas against the Euro (EUR), and 92 paisas against the Australian Dollar (AUD) in today’s interbank currency market.

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