PKR defeats USD for 21 consecutive days

The Pakistani rupee’s impressive performance against the US Dollar continued its remarkable streak for the 21st consecutive day, demonstrating strength and resilience in the financial markets. The day began with the rupee opening at 289 against the US Dollar in the interbank market.

As the clock approached 11:30 AM, the rupee displayed its bullish tendencies, reaching a peak of 280.725 against the greenback, marking an impressive gain of approximately Rs. 9.

Subsequently, between 1:30 PM and 2:30 PM, the interbank rate witnessed a slight ease, settling around the 283 mark, where it remained steady for the rest of the day.

Over the course of the last 18 trading sessions, the Pakistani Rupee has made substantial gains of Rs. 23.43 against the US Dollar. Open market rates mirrored this positive trend, fluctuating within the 280-284 range throughout the day. Since September 4th, the open market rate has exhibited remarkable resilience, surging by an impressive Rs. 54 against the US Dollar.

When the trading day concluded, the Pakistani Rupee had appreciated by 0.37 percent, closing at 283.62, having gained Rs. 1.06 against the US Dollar during the day.

It’s noteworthy that the gap between interbank and open market rates has significantly shrunk, decreasing by nearly Rs. 52 in the past month, with an additional decrease of approximately Rs. 4 this week. Despite occasional spikes to 284, the rates have primarily hovered around the 280 mark.

In a broader context, the Pakistani Rupee has faced challenges, depreciating by nearly Rs. 64 since January 2023 and by over Rs. 111 against the US Dollar since April 2022. However, today’s exchange rate movements reflect a positive trend, with the PKR gaining more than Rs. 1 against the US Dollar.

Furthermore, the Pakistani Rupee displayed strength against other major currencies in the interbank market today, gaining 19 paisas against the Euro (EUR), 27 paisas against the Saudi Riyal (SAR), 28 paisas against the UAE Dirham (AED), and a remarkable Rs. 1.42 against the Canadian Dollar (CAD). This impressive performance reflects positively on Pakistan’s economic stability and resilience in the global financial landscape.

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