Rupee Gains Strength Against US Dollar For Fifth Consecutive Day

Web DeskJanuary 9, 20243242 min
Rupee Gains Strength Against US Dollar For Fifth Consecutive Day

The Pakistani rupee experienced a marginal increase for the fifth consecutive day against the US Dollar, opening at 280 in the interbank market. By 11:30 PM, it had reached its highest point at 280, marking an intraday gain of approximately Rs. 1 against the greenback. Subsequently, the interbank rate slightly declined to 281, maintaining this level for the remainder of the day. Open market rates fluctuated within the 280-282 range across various currency counters.

At the close, the Pakistani rupee appreciated by 0.02 percent, concluding the day at 281.22 after gaining six paisas against the dollar. This positive trend marks the rupee’s fifth consecutive day in the green, following a 13-day winning streak halt last week. On a fiscal year-to-date basis, the rupee has appreciated by 1.69 percent.

Read more : Pakistani Rupee Strengthens Against US Dollar In Interbank

Despite these recent gains, the rupee has experienced an overall decline of nearly Rs. 62 since January 2023 and a significant decrease of over Rs. 109 against the US Dollar since April 2022. In today’s exchange rate movements, the PKR gained six paisas against the dollar.

However, in the interbank market, the Pakistani rupee faced losses against most other major currencies. It depreciated by 39 paisas against the Australian Dollar (AUD), 42 paisas against the Canadian Dollar (CAD), 55 paisas against the Euro (EUR), and Rs. 1.10 against the British Pound (GBP).

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