The Pakistani rupee recorded a massive recovery of nearly Rs. 16 against the US Dollar during the first two hours of intraday trade today after rising as high as 283 at 10:50 AM as markets await the verdict of former Prime Minister Imran Khan’s court hearing today.
The Pakistani rupee rebounded during the first two hours of intraday trade today with the interbank rate gaining Rs. 15.98 to rise as high as 284.5, up by 5 percent. Open market rates across multiple currency counters still managed to register highs of 300 while traders expect the exchange rate to drop below 300 if the political temperature cools off today.
At close, the PKR appreciated by 4.8 percent and suspended movement at 285.08 after gaining Rs. 13.85 today.
Traders said the exchange rate moved in the positive range on Friday after former Prime Minister Imran Khan was granted bail in all cases leveled against him. Markets moved in the green with the expectation that sentiments will improve with the restoration of internet services and political ease. However, uncertainty pertaining to the IMF bailout could offset gains in the coming weeks. Across-the-board consolidation is essential, one trade remarked.
The open market rate has come closer to the Bank rate and trades in the 290-295 band. This is a substantial recovery that pre-dates trends witnessed before Imran Khan was ousted from power last year.
The rupee is down nearly Rs. 58 since January 2023. Since April 2022, it is down over Rs. 105 against the greenback. As per exchange rate movements witnessed today, the PKR has gained nearly Rs. 14 against the dollar.
The PKR gained against the other major currencies in the interbank market today. It gained Rs. 3.68 against the Saudi Riyal (SAR), Rs. 3.77 against the UAE Dirham (AED), and Rs. 11.73 against the Canadian Dollar (CAD).
Moreover, it gained Rs. 10.7 against the Australian Dollar (AUD), Rs. 15.8 against the Euro (EUR), and Rs. 19.3 against the Pound Sterling (GBP) in today’s interbank currency market.
Source: Pro Pakistani