Rupee Ends Week With Gains Against US Dollar, Gulf Currencies

The Pakistani rupee ended the week with gains against the US Dollar during intraday trade today after opening trade at 287.375 in the interbank market.

At 12 PM, it was bullish, rising as high as 286 after gaining ~Rs. 2 against the greenback.

Later, it charged down to the 287 level between 12:30 PM and 1:15 PM and stayed at that level.

Open market rates (documented) across multiple currency counters stayed in the 290-293 range.

At close, the PKR appreciated by 0.2 percent to close at 286.45 after gaining 58 paisas against the dollar today.

The informal exchange rate initially docked at 295-298.

Today’s cash rate per dollar in Hundi clocked in at the 296-301 band while many channels (undocumented) reported rates as high as 303.

Today’s gains come after Finance Minister Ishaq Dar in a tweet announced that the Export-Import (Exim) Bank of China has rolled over $2.4 billion in loan repayments due in the next two years.

This comes a few days after the Federal cabinet’s Economic Coordination Committee (ECC) meeting last Thursday approved the revised parameters of the deal negotiated between Pakistan and China for repayment of debt of over $2 billion by two more years.

China is Pakistan’s biggest rescuer with $23.87 billion in bilateral and $5.71 billion commercial contributions.

Pakistan’s total external debt stock was recorded at $100.52 billion at end-December 2022, of which $29.59 billion has been financed by China, according to the latest data by the International Monetary Fund.

Overall, the rupee is down nearly Rs. 62 since January 2023. Since April 2022, it is down over Rs. 110 against the greenback. As per the exchange rate movements witnessed today, the PKR has gained 58 paisas against the dollar today.

The PKR was bullish against some of the other major currencies in the interbank market today. It gained 15 paisas against the Saudi Riyal (SAR), 16 paisas against the UAE Dirham (AED), and 14 paisas against the Canadian Dollar (CAD).

Conversely, it lost 94 paisas against the Euro (EUR), Rs. 1.06 against the Australian Dollar (AUD), and Rs. 1.43 against the British Pound (GBP) in today’s interbank currency market.

Source: Pro Pakistani