Pakistani Rupee Posts 10th Consecutive Gain Against US Dollar and British Pound
The Pakistani Rupee (PKR) continued its positive momentum on Tuesday, marking its 10th straight day of appreciation against the US Dollar (USD) and also recording gains against the British Pound (GBP) in both interbank and open markets.
Interbank and Open Market Overview
On a day-on-day (DoD) basis, the interbank exchange rate held steady at Rs. 282/$, maintaining stability throughout the trading session. In the open market, the PKR was quoted between Rs. 283 and Rs. 285 per USD, with some sellers in the federal capital quoting as high as Rs. 285/$.
Meanwhile, the British Pound traded in the Rs. 376-382 range. According to the Exchange Companies Association of Pakistan (ECAP), the GBP buying rate was reported at Rs. 379, while several currency counters in major cities were selling the Pound at Rs. 382.
PKR Performance Against Major Currencies
The rupee closed in green against the US Dollar, appreciating by 0.03%, or eight paisas, to settle at Rs. 282.57 in the interbank market.
Despite this short-term gain, the rupee has seen a 1.27% depreciation against the USD on a fiscal year-to-date (FYTD) basis.
Gains Against Other Currencies
In addition to the USD and GBP, the PKR posted gains against most major global currencies during today’s session:
-
UAE Dirham (AED): Gained 2 paisas
-
Saudi Riyal (SAR): Gained 2 paisas
-
Canadian Dollar (CAD): Gained 9 paisas
-
Australian Dollar (AUD): Gained 47 paisas
-
Euro (EUR): Gained 54 paisas
-
British Pound (GBP): Gained 28 paisas in interbank trading
Market Sentiment Remains Positive
The continued stability and slight appreciation of the PKR reflect positive investor sentiment, improved foreign exchange reserves, and fiscal management by the authorities. Analysts are cautiously optimistic, citing moderate inflation and controlled imports as contributing factors.
However, financial experts emphasize the need for sustained economic reforms and foreign direct investment (FDI) to maintain this momentum over the longer term.
