Rupee Records Significant Gains Against US Dollar Despite Continued Instability


Rupee Records Significant Gains Against US Dollar Despite Continued Instability

After beginning trading at 279 in the interbank market, the Pakistani rupee reversed losses against the US dollar and achieved significant gains today.

At 11:30 PM, it had fallen by Rs. 3 and was treading the 276 level versus the dollar.

Later, between 1:30 and 2:30 PM, the interbank rate decreased to 278 before anchoring trends for the rest of the day. Today’s open market rates ranged between 277 and 280 at several currency counters.

It is pertinent to state that the PKR gained Rs. 1.48 against the dollar today, increasing by 0.53 percent to settle at 278.81.

Since September 4th, the difference between interbank and open market prices has decreased by Rs. 61. Rates have dropped as low as 277 and since then have fluctuated briefly up to 280 today.

Relevantly, since January 2023, the rupee has lost roughly 61 rupees. It has lost value versus the dollar by more than 108 rupees since April 2022. According to today’s exchange rate moves, the PKR has increased by around Rs. 1.5 in relation to the dollar.

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