The Pakistani rupee rebounded against the US Dollar during intraday trade today after opening trade at 289 in the interbank market.
At 12 PM, it was bearish, falling as low as 291 after losing ~Rs. 1 against the greenback.
Later, it charged up to the 284 level between 12:30 PM and 1:15 PM and stayed at that level before falling below 287.
Open market rates (documented) across multiple currency counters rose to the 292-295 range.
At close, the PKR appreciated by 0.76 percent to close at 287.2 after gaining Rs. 2.17 against the dollar today.
The informal exchange rate initially docked at 297-300.
Today’s cash rate per dollar in Hundi clocked in at the 299-303 band while many channels (undocumented) reported rates as high as 304.
Overall, the rupee is down nearly Rs. 63 since January 2023. Since April 2022, it is down over Rs. 113 against the greenback. As per the exchange rate movements witnessed today, the PKR has gained Rs. 2.18 against the dollar today.
The PKR was bullish against all of the other major currencies in the interbank market today. It gained 57 paisas against the Saudi Riyal (SAR), 59 paisas against the UAE Dirham (AED), and Rs. 2.55 against the Canadian Dollar (CAD).
Moreover, it gained Rs. 2.84 against the Australian Dollar (AUD), Rs. 4.17 against the Euro (EUR), and Rs. 5.53 against the British Pound (GBP) in today’s interbank currency market.
Source: Pro Pakistani