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Rupee Appreciates 3rd Day in a Row Against US Dollar

The Pakistani rupee rose third day in a row against the US Dollar today after opening trade at 285 in the interbank market.

At 11:30 PM, it was bullish, jumping to the 284 level against the greenback after gaining ~Rs. 0.75 during early-day trade.

Later, the interbank rate dropped back to 285 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 284-286 range today.

At close, the PKR appreciated by 0.08 percent to close at 285.17 after gaining 22 paisas against the dollar today.

The rupee closed in the green for 3rd day in a row today.

Overall, the rupee is down nearly Rs. 68 since January 2023. Since April 2022, it is down over Rs. 115 against the greenback. As per exchange rate movements witnessed today, the PKR has gained 22 paisas against the dollar.

In a key development, Pakistan and Kuwait have signed seven agreements to attract multi-billion-dollar investments from the State of Kuwait across various sectors.

These agreements span a range of sectors crucial to Pakistan’s development, including Food Security/Agriculture, Hydel Power, Water Supplies (ensuring safe drinking water and supporting mining activities), the establishment of a Mining Fund to bolster the mineral industry, Technology Zones Development, and Mangrove Preservation.

The agreements were signed during a meeting of Caretaker Prime Minister Anwaar-ul-Haq Kakar and First Deputy Prime Minister and Minister for Interior of Kuwait, Sheikh Talal Al-Khaled Al-Ahmad Al Sabah, on Wednesday. Chief of Army Staff General Syed Asim Munir was also present during the meeting.

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