This week, the Pakistani rupee (PKR) demonstrated a stable and encouraging performance in the foreign exchange market. On Friday, the PKR opened trading at 278 against the US Dollar (USD) in the interbank market and maintained this level throughout the day, ending with a slight gain. The rupee appreciated by 0.06% against the USD, closing at 278.54 after a 15 paisa gain.
Over the fiscal year to date, the PKR has experienced a modest appreciation of 0.02%. However, it remains down by approximately Rs. 51.64 since January 2023 and has depreciated by Rs. 95.64 against the USD since April 2022. Despite these longer-term declines, today’s session saw the rupee gain nearly 16 paisas against the greenback.
In addition to its performance against the USD, the PKR made notable gains against several other major currencies. In the interbank market, it appreciated by 87 paisas against the Euro (EUR), 41 paisas against the Canadian Dollar (CAD), four paisas against both the UAE Dirham (AED) and the Saudi Riyal (SAR).
Conversely, the rupee faced losses against the Australian Dollar (AUD) and the British Pound (GBP), falling 14 paisas and 71 paisas, respectively.
Overall, the PKR’s performance this week reflects a positive trend, particularly against the Euro, indicating a hopeful outlook for the currency amidst ongoing market fluctuations.
