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Pakistani Rupee Ends 10-Day Winning Streak Against US Dollar, Minister Expresses Stability

The Pakistani rupee concluded its ten-day winning streak against the US Dollar, facing a bearish trend in today’s trading session in the interbank market. Opening trade at 279, the rupee witnessed fluctuations throughout the day, eventually closing at the 277 level. Interbank rates remained mostly at 278 before the slight dip at closure. Open market rates fluctuated between 277 and 279 across various currency counters.

Rupee Ends 10 Day Win Streak Against US Dollar, Other Currencies

Experiencing a depreciation of 0.03 percent, the PKR ended at 277.9 against the dollar, losing eight paisas in today’s trading. However, on a fiscal year-to-date basis, the rupee has shown resilience, appreciating by 2.84 percent. Despite this positive trend, the overall trajectory since January 2023 depicts a decline of nearly Rs. 51.67 against the greenback. Comparatively, since April 2022, the rupee has fallen by Rs. 95.67.

Federal Minister for Finance and Revenue, Muhammad Aurangzeb, expressed confidence in the stability of the PKR, particularly amid the forthcoming repayment of a $3.5 billion debt by June 2024. Aurangzeb assured Bloomberg in an interview that the rupee would remain steady in the short to medium term, hovering around the current levels of 277-278 against the US Dollar for the next six months.

Addressing concerns regarding exchange rate pressure, Aurangzeb stated, “I don’t see a huge pressure on the rupee at this point as we move forward. I think it’s going to remain range-bound around these [current] levels for like six months or so.”

In today’s trading, the PKR exhibited mixed performances against other major currencies in the interbank market. It lost two paisas against the UAE Dirham (AED) and the Saudi Riyal (SAR), 38 paisas against the Australian Dollar (AUD), 47 paisas against the British Pound (GBP), and 92 paisas against the Euro (EUR). However, it gained 10 paisas against the Canadian Dollar (CAD).

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The market’s response to the rupee’s performance reflects a complex interplay of domestic and international factors, with stakeholders closely monitoring its trajectory amid economic fluctuations.

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