Pakistani Rupee Strengthens for 8th Consecutive Day Against US Dollar and British Pound
The Pakistani Rupee (PKR) continued its winning streak on Friday, marking its eighth consecutive day in the green against the US Dollar (USD) and British Pound (GBP), signaling ongoing currency market stability.
Interbank Market Update
On a day-on-day basis, the rupee appreciated to 282.71 against the US Dollar, gaining 15 paisas or 0.05%. The interbank rate remained firm throughout the day, closing at 282/USD.
In the open market, the dollar traded between Rs. 283–285, with some sellers quoting as high as Rs. 285/$ in Islamabad.
GBP and Other Major Currencies
The British Pound saw a sharp correction over the past month. In the open market, GBP traded between Rs. 376–380, with an official buying rate at Rs. 379, according to the Exchange Companies Association of Pakistan (ECAP).
Just a few weeks ago, on July 3, GBP was valued at Rs. 396, meaning the PKR has gained approximately Rs. 22 against the Pound in under a month.
The rupee also recorded strong gains against other major global currencies in today’s interbank session:
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Euro (EUR): PKR appreciated by Rs. 1.03
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British Pound (GBP): Gained Rs. 2.05
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Australian Dollar (AUD): Gained 84 paisas
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Canadian Dollar (CAD): Up by 52 paisas
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UAE Dirham (AED): Gained 4 paisas
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Saudi Riyal (SAR): Gained 4 paisas
Year-to-Date Performance
Despite the recent rally, the rupee has depreciated by 1.37% against the US Dollar on a fiscal year-to-date (FYTD) basis. However, the current trend indicates a period of stability and strength for the local currency.
