Pakistani Rupee increases Against US Dollar

Web Desk

03rd Aug, 2023. 05:57 pm
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The Pakistani rupee increases against the US Dollar during intraday trade today after opening trade at 289 in the interbank market.

At 12 PM, it was bearish, falling as low as 291 after losing ~Rs. 1 against the greenback.

Afterward, the PKR surged to the 284 level between 12:30 PM and 1:15 PM and remained stable at that rate before declining below 287.

Recorded open market rates for the PKR against the US dollar increased to the range of 292-295.

By the end of the day, the PKR experienced a 0.76 percent appreciation and closed at 287.2, having gained Rs. 2.17 against the dollar throughout the day.

The informal exchange rate initially docked at 297-300.

Today, the cash rate per dollar in Hundi ranged between 299 and 303, while some unrecorded sources reported rates as high as 304.

Overall, the Pakistani Rupee has depreciated significantly, experiencing a decline of nearly Rs. 63 since January 2023 and a substantial drop of over Rs. 113 against the US dollar since April 2022. However, today, the PKR showed some strength and gained Rs. 2.18 against the dollar.

In the interbank market, the PKR performed well against other major currencies. It appreciated by 57 paisas against the Saudi Riyal (SAR), 59 paisas against the UAE Dirham (AED), and Rs. 2.55 against the Canadian Dollar (CAD).