Pak rupee suddenly rises against US Dollar, British Pound, AUD
The Pakistani rupee reversed yesterday’s losses against the US Dollar after opening trade at 278 in the interbank market on Tuesday.
It was largely stable before closing in green against the greenback and most of the other major currencies. The interbank rate stayed at 278 most of the day before closing at the same level. Open market rates across multiple currency counters were strictly at 278.
The PKR appreciated by 0.04 percent to close at 278.11 after gaining 12 paisas against the dollar. On a fiscal year-to-date basis, the rupee has so far appreciated by 2.83 percent.
Overall, the rupee is down nearly Rs51.05 since January 2023. Since April 2022, it is down Rs95.05 against the greenback. As per the exchange rate movements seen today, the PKR gained 12 paisas.
The PKR was green against most of the other major currencies in the interbank market today. it gained three paisas against the UAE Dirham (AED), three paisas against the Saudi Riyal (SAR), 32 paisas against the Euro (EUR), 90 against the Australian Dollar (AUD), and Rs. 1.12 against the British Pound (GBP). Meanwhile, it gained 17 paisas against the Canadian Dollar (CAD) in today’s interbank currency market.
The Pakistani rupee registered marginal improvement, appreciating 0.04 percent against the US dollar in the inter-bank market on Tuesday.
At close, the local unit settled at 278.12, a gain of Re0.12 against the greenback, as per the State Bank of Pakistan (SBP). On Monday, the rupee closed at 278.24, down by Re0.03.
In a key development, learned that Saudi Crown it was Prince
Mohammed bin Salman is expected to arrive next week for crucial talks with Pakistani leadership, including the signing of several memorandum of understanding (MoUs) aimed to bolster Saudi investment in various sectors including agriculture, mining, human resource, energy, chemicals, and maritime.
Internationally, the US dollar gained against the yen on Tuesday as gaping interest rate differentials weighed on the Japanese currency.
The US dollar gained 0.22 percent to 154.235 yen in early Asian trading, adding to its 0.58 percent rally from Monday.
On Friday, it sank as low as 151.86 yen for the first time since April 10, as softer-than-expected monthly US jobs data added to the losses following what Bank of Japan data suggested may have been a total of some 9 trillion yen ($58.37 billion) in official intervention.