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Rupee Up 4th Day in a Row Against US Dollar But Loses Big Against GBP, Euro

The Pakistani rupee posted marginal gains 4th 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 today.

The interbank rate hovered between 278 and 280 before closing at the same level for the remainder of the day. Open market rates across multiple currency counters were in the 278-280 range today.

At close, the PKR appreciated by 0.02 percent to close at 279.4 after gaining eight paisas against the dollar today.

The rupee closed in the green 4th day in a row today but maintained a slow climb. On a fiscal year-to-date basis, it has so far appreciated by 2.33 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 eight paisas against the dollar today.

In a key development, the foreign currency reserves held by the SBP were recorded at $8.216 billion, down $54 million compared to $8.270 billion on January 19. In a short statement, the central bank said the decrease in reserves was due to external debt repayments.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $13.262 billion, down $79 million over the previous week.

The PKR was red against most of the other major currencies in the interbank market today.

It gained one paisa against the Saudi Riyal (SAR) and two paisas against the UAE Dirham (AED).

Conversely, it lost Rs. 1.31 against the Canadian Dollar (CAD), Rs. 1.96 against the Australian Dollar (AUD), Rs. 2.71 against the Euro (EUR), and Rs. 2.93 against the British Pound (GBP) in today’s interbank currency market.

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