The Pakistani rupee was stable against the US Dollar and posted small gains today after opening trade at 279 in the interbank market.
At 11:30 PM, it was bullish, treading the 275 level against the greenback after gaining ~Rs. 3.
Later, the interbank rate dropped to the 278 level between 1:30 PM and 2:30 PM before anchoring trends for the remainder of the day. Open market rates across multiple currency counters stood in the 275-279 range today.
At close, the PKR appreciated by 0.00 percent to close at 278.79 after gaining two paisas against the dollar today.
The rupee ended the week in positive against the greenback today. While this didn’t play much into the recovery trend, traders said the forex market managed to stay cool ahead of some political developments taking shape in the country.
The gap between interbank and open market rates is down by Rs. 61 since 4 September. The rates have gone down to as low as 275 and have since continued brief spikes to 279 today.
Pertinently, the rupee is down nearly Rs. 61 since January 2023. Since April 2022, it is down over Rs. 108 against the greenback. As per exchange rate movements witnessed today, the PKR has gained two paisas against the dollar.
In a key development, Pakistan’s Real Effective Exchange Rate (REER) Index appreciated to 91.7 in September 2023 as compared to 90.0 in August 2023, according to data released by the State Bank of Pakistan (SBP) on Thursday.