Today, the Pakistani rupee remained steady against the US Dollar, opening trade at 279 in the interbank market. Throughout the day, it maintained stability against the greenback, hovering in the 279-280 range during intraday trade.
The interbank rate stayed at 280 for most of the day before closing at the 279 level. Open market rates across various currency counters also ranged between 279 and 280.
Closing at 279.35 against the dollar, the rupee has appreciated by 2.36 per cent on a fiscal year-to-date basis. However, it has experienced a significant decline of nearly Rs. 60 since January 2023 and over Rs. 107 since April 2022 against the greenback.
According to Fitch Ratings, despite today’s stability, uncertainties arising from Pakistan’s recent election outcome may complicate efforts to secure a financing agreement with the IMF. Although Pakistan’s external position has shown improvement, with net foreign reserves reaching USD 8.0 billion as of February 9, 2024, this remains low relative to projected exterior funding needs.
The PKR saw losses against several major currencies in today’s interbank market. While it remained stable against the Saudi Riyal (SAR) and the UAE Dirham (AED), it lost eight paisas against the Canadian Dollar (CAD), 66 paisas against the Australian Dollar (AUD), 61 paisas against the Euro (EUR), and Rs. 1.29 against the British Pound (GBP).