Pakistani Rupee Shows Recovery Against US Dollar and Major Currencies

Posted on December 10, 2024 by News Desk

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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