Pakistani Rupee’s Gain Leads to Dollar Disappearance in Open Market
The Pakistani rupee began the week by strengthening against the US Dollar, opening at 280 rupees in the interbank market. Throughout the day, it remained relatively stable against the greenback but faced limited movement due to a shortage in the open market. Economic and political uncertainties, combined with low trader confidence, led to a depletion of the US dollar supply during the trading session.
Despite the challenges, Pakistani Rupee’s Gain Leads to Dollar. The interbank rate held steady at around 280 rupees for most of the day before closing at 279. In the open market, rates fluctuated between 279 and 280 rupees across multiple currency exchanges.
The Pakistani rupee appreciated by 0.06 percent, gaining 16 paisas to close at 279.2 against the dollar. On a fiscal year-to-date basis, the rupee has appreciated by 2.42 percent. However, since January 2023, it has depreciated by approximately 52 rupees; since April 2022, it has experienced a decline of 96.3 rupees against the US dollar.
Market analysts anticipate potential changes in the open market’s dynamics in the coming days, with expectations of the US dollar becoming available at higher rates, possibly reaching 300-305 rupees. This volatility and scarcity are attributed to ongoing uncertainties within the country.
In addition to its performance against the US dollar, the Pakistani rupee showed mixed results against other major currencies in the interbank market. It gained four paisas against the Saudi Riyal and the UAE Dirham, eight paisas against the British Pound, 23 paisas against the Euro, and 78 paisas against the Canadian Dollar. However, it depreciated by 50 paisas against the Australian Dollar.
Overall, the day saw fluctuations in the Pakistani rupee’s value, influenced by various domestic and international factors impacting currency markets.
