The Pakistani rupee was stable against the US Dollar during intraday trade today after rising as high as 284.69 at 11:50 AM.
The Pakistani rupee was stable during the afternoon with the interbank rate losing marginally to fall as low as 285 before rebounding back above 285. Open market rates across multiple currency counters still managed between 290-295 while traders expect the exchange rate to observe uncertain trends amid increased economic and political volatility.
At close, the PKR closed at 284.96 today.
Markets were stable after the government on Monday announced a decrease in the prices of petroleum products. Traders said the government’s move to decrease fuel prices suggests it might be considering alternate avenues for economic relief amid reports that a near-term deal with the International Monetary Fund (IMF) is unlikely.
Some traders again advised caution on exchange rate movement this week, with uncertainty looming on whether stakeholders would reach an agreement on calling a truce instead of prolonging their indifference beyond May. “The lagged response of bilateral lenders towards Pakistan coupled with home politics and uncertainty is a dangerous combination for economic indicators in Pakistan. Markets are seeking consolidation through various sources. The PKR continues to tread magma despite today’s respite,” a trader remarked.
The rupee is down nearly Rs. 58 since January 2023. Since April 2022, it is down over Rs. 105 against the greenback. As per the exchange rate movements witnessed today, the PKR has remained stable against the dollar today.
The PKR was stable against some of the other major currencies in the interbank market today. It held out against the UAE Dirham (AED) and the Saudi Riyal (SAR) but lost 98 paisas against the Canadian Dollar (CAD).
Source: Pro Pakistani