The Pakistani rupee reversed its 8-day losing streak against the US Dollar during intraday trade today after opening trade at 288.225 in the interbank market.
At 12 PM, it was bearish, dropping as low as 288.75 after losing ~50 paisas against the greenback.
Later, it charged up to the 287 level between 12:30 PM and 1:15 PM and stayed at that level.
Open market rates (documented) across multiple currency counters stayed in the 290-295 range.
At close, the PKR appreciated by 0.52 percent to close at 287.04 after gaining 52 paisas against the dollar today.
The informal exchange rate initially docked at 296-298.
Today’s cash rate per dollar in Hundi clocked in at the 294-301 band while many channels (undocumented) reported rates as high as 303.
“Gains offer brief respite amid rising uncertainty as the government bids farewell to its offices and heads into General Elections. The rupee will continue its seesaw movements for the time being,” a trader said.
Some good news: Central bank reserves are expected to stay in the region of $8.7 billion this week as China has granted a one-year rollover of $1 billion in SAFE (State Administration of Foreign Exchange) deposits to Pakistan.
The deposit was going to mature by the end of July, but China consented to refinance $1 billion, essentially fulfilling external financing pre-conditions set by the International Monetary Fund for securing rollovers of maturing debt, local media reported earlier today.
Overall, the rupee is down nearly Rs. 62 since January 2023. Since April 2022, it is down over Rs. 111 against the greenback. As per the exchange rate movements witnessed today, the PKR has gained 52 paisas against the dollar today.
The PKR was bullish against all of the other major currencies in the interbank market today. It gained 41 paisas against the Saudi Riyal (SAR), 41 paisas against the UAE Dirham (AED), 91 paisas against the Australian Dollar (AUD), and Rs. 1.55 against the Canadian Dollar (CAD).
Moreover, it gained Rs. 1.22 against the Euro (EUR) in today’s interbank currency market.
Source: Pro Pakistani