Pak Rupee Posts Small Gains 2nd Day in a Row Against US Dollar

The Pakistani rupee posted marginal gains 2nd day in a row against the US Dollar today after opening trade at 279 in the interbank market.

It was largely stable against the greenback during intraday trade and hit 280 at brief intervals today.

The interbank rate later recovered back to 279 before closing at the same level for the remainder of the day. Open market rates across multiple currency counters were in the 279-280 range today.

At close, the PKR appreciated by 0.02 percent to close at 279.50 after gaining five paisas against the dollar today.

The rupee closed in the green 2nd day in a row today but maintained a slow climb despite big news coming from China. On a fiscal year-to-date basis, it has so far appreciated by 2.3 percent.

Overall, the rupee is down nearly Rs. 60 since January 2023. Since April 2022, it is down over Rs. 107 against the greenback. As per the exchange rate movements seen today, the PKR gained five paisas against the dollar today.

In a key development, China has expressed willingness to roll over $2 billion in loans to Pakistan. The loan, originally set to mature on March 23, 2024, is now expected to be rolled over for an additional year.

Sources told ProPakistani earlier today that China is willing to extend the maturity date of the $2 billion loans on existing terms. Notably, the interest rate on these deposits is less than 2 percent.

The PKR was green against all of the other major currencies in the interbank market today. It gained one paisa against the Saudi Riyal (SAR), one paisa against the UAE Dirham (AED), 34 paisas against the Euro (EUR), and 59 paisas against the British Pound (GBP).

Meanwhile, it gained 23 paisas against the Canadian Dollar (CAD) and Rs. 1.19 against the Australian Dollar (AUD) in today’s interbank currency market.

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