Pakistani Rupee Strengthens Against Major Currencies, Closes Week on a High Note
The Pakistani Rupee (PKR) ended the week on a positive note, posting gains against the US Dollar (USD), British Pound (GBP), and several other major currencies in both the interbank and open markets on Friday.
💵 PKR Recovers Against the US Dollar
On a day-on-day (DoD) basis, the rupee appreciated by 0.27%, gaining 76 paisas to close at Rs. 283.45 against the US Dollar in the interbank market. Earlier in the day, the interbank rate hovered around 284/$, maintaining stability throughout the trading session.
In the open market, exchange rates ranged between Rs. 284 to Rs. 287/$, with some sellers quoting as high as Rs. 287 in Islamabad.
💷 British Pound and Other Major Currencies
The PKR also saw notable gains against the British Pound (GBP), strengthening by Rs. 3.85 in the interbank market. In open market trading, GBP was quoted at Rs. 386 (buying) and Rs. 387 (selling), according to the Exchange Companies Association of Pakistan (ECAP).
📊 Gains Across the Board
The rupee maintained its green streak across most major currencies in today’s session:
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🇴🇲 UAE Dirham (AED): Gained 20 paisas
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🇸🇦 Saudi Riyal (SAR): Gained 20 paisas
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🇨🇦 Canadian Dollar (CAD): Gained Rs. 1.65
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🇦🇺 Australian Dollar (AUD): Gained Rs. 1.83
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🇪🇺 Euro (EUR): Gained Rs. 1.45
🔎 S&P Global Upgrade Boosts Market Sentiment
The positive trend follows S&P Global’s upgrade of Pakistan’s sovereign credit rating from ‘CCC+’ to ‘B-’, along with a ‘stable’ outlook. The agency cited improvements in Pakistan’s fiscal management, foreign reserves, and ongoing support from the International Monetary Fund (IMF) as key factors.
S&P further expressed confidence in Pakistan’s ability to meet external debt obligations and roll over commercial credit lines in the near term.
📅 Year-to-Date Performance
Despite Friday’s strong showing, the PKR remains down by 1.62% against the USD on a fiscal year-to-date (FYTD) basis. However, analysts believe the recent credit rating improvement and stable interbank movement signal a more positive outlook for the local currency in the coming months.
