Rupee shows slight recovery Against US Dollar after 8 days

The Pakistani rupee finally reversed its 8-day losing streak against the US Dollar during intraday trade today after opening trade at 288.225 in the interbank market.

Throughout the day, the exchange rates for various currencies remained steady between 290 to 295. By the end of the day, the Pakistani Rupee (PKR) gained value and appreciated by 0.52 percent, closing at 287.04 PKR per dollar, after gaining 52 paisas against the dollar on the same day.

The informal exchange rate initially docked at 296-298.

Today’s cash rate per dollar in Hundi clocked in at the 294-301 band while many channels (undocumented) reported rates as high as 303.

“Gains offer brief respite amid rising uncertainty as the government bids farewell to its offices and heads into General Elections. The rupee will continue its seesaw movements for the time being,” a trader said.

Good news! This week, China has agreed to extend Pakistan’s $1 billion deposit by one year in the SAFE (State Administration of Foreign Exchange) account. As a result, the total central bank reserves are expected to remain around $8.7 billion.

The deposit was going to mature by the end of July, but China consented to refinance $1 billion, essentially fulfilling external financing pre-conditions set by the International Monetary Fund for securing rollovers of maturing debt, local media reported earlier today.

The value of the rupee has depreciated by around Rs. 62 since January 2023. Since April 2022, it has fallen by over Rs. 111 as compared to the dollar. Today, the PKR strengthened by 52 paisas against the dollar.

Also Read

Gold Rate in Dubai for, 26 July 2023

Dubai: Today Gold rates in AED (U.A.E Dirham) is 10 grams of...