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| The rupee had a positive week gaining ground against the US dollar |
The Pakistani rupee remained steady against the US Dollar and saw minor increases today, opening trade at 279 in the interbank market.
Around 11:30 PM, it showed strength, hovering around the 275 mark against the greenback, marking an approximate gain of Rs. 3.
Later in the day, between 1:30 PM and 2:30 PM, the interbank rate dropped to around 278 before stabilizing for the rest of the day. Open market rates fluctuated between 275 and 279 across various currency counters.
By the end of the trading day, the PKR strengthened by 0.00 percent, closing at 278.79 after gaining two paisas against the dollar.
This positive performance marked a week-long trend of the rupee gaining ground against the US dollar. Although this uptick wasn't a significant factor in the recovery trend, traders noted that the forex market remained stable amidst unfolding political developments in the country.
The disparity between interbank and open market rates has decreased by Rs. 61 since September 4th. Rates have ranged from as low as 275 to brief spikes up to 279, reflecting market fluctuations.
It's noteworthy that the rupee's value has declined by nearly Rs. 61 since January 2023 and over Rs. 108 against the greenback since April 2022. Today's exchange rate movements showed a minor gain of two paisas against the dollar.
In a significant development, Pakistan's Real Effective Exchange Rate Index rose to 91.7 in September 2023 compared to 90.0 in August 2023, as per data released by the State Bank of Pakistan (SBP) on Thursday.
