Pakistani Rupee Shows Recovery Against US Dollar and Major Currencies

The Pakistani Rupee (PKR) has made a notable recovery in today’s interbank market, ending the three-day losing streak from last week. Opening at 279 PKR/USD, the rupee remained stable throughout the day and closed in the green, showcasing gains against major international currencies.

Key Highlights from Today’s Trading Session

• Interbank Exchange Rate:
  The PKR began trading at 279 PKR/USD, remained stable at 278 PKR/USD for most of the session, and closed slightly higher at 277.97 PKR/USD, reflecting a gain of 0.01%.
• Open Market Rates:
  Open market rates hovered between 277 and 279 PKR/USD, showing stability.
• Year-to-Date Performance:
  On a fiscal year-to-date basis, the rupee has appreciated by 0.12%, signaling positive movement amid economic pressures.

Performance Against Other Major Currencies

The PKR showed strength in the interbank market, appreciating against several major currencies:

• Saudi Riyal (SAR) and UAE Dirham (AED): Stable
• Canadian Dollar (CAD): Gained Rs. 1.76
• Euro (EUR): Gained 53 paisas
• British Pound (GBP): Gained 1 paisa
• Australian Dollar (AUD): Gained 5 paisas

Economic Implications

The rupee’s recovery comes as a relief amid ongoing economic challenges, offering a glimmer of stability. It also indicates positive sentiment and stronger market confidence.

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