The rupee has risen for the second day in a row against the US dollar.

Web DeskJuly 12, 2023
The rupee has risen for the second day in a row against the US dollar.

The Pakistani rupee strengthened against the US dollar in intraday trade Wednesday, after starting at 279 in the interbank market.

It was green all day as of 11 a.m., soaring as high as 274.4 after gaining Rs. 4.1 against the US dollar.

Later, between 12:30 and 1:15 PM, it fell back to 278 before increasing again to 277.1.

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The informal exchange rate had recovered positively, reaching 289 at 11:30 a.m. before settling at 290

The open market rates of many currency counters have recovered to the 284-289 level.

After earning Rs. 1.08 versus the dollar today, the PKR gained 0.39 percent to close at 277.47.

Today’s cash rate per dollar in Hundi was 286-296, with many undocumented channels reporting rates as high as 303.

Today’s advances coincide with anticipation that the IMF’s Executive Board will vote unanimously in favour of disbursing the maiden tranche of $1.1 billion to Pakistan.

In addition, the inflows reflect Pakistan’s better external liquidity and funding conditions as a result of its June Staff-Level Agreement (SLA) with the IMF on a nine-month Stand-by Arrangement (SBA).

Pakistan was looking forward to receiving the remaining $2.5 billion from a $6.5 billion bailout package agreed upon in 2019. The package, however, terminated on Friday (30 June) because the ninth review could not be completed.

According to one trader, the PKR has maintained its positive trajectory, with forecasts of the central bank’s reserves rising above the present lows of $4 billion.

“The forex element is one of the critical factors driving market sentiments, and the more it grows, the better investors’ mood.” If cash is granted for credit at today’s IMF Board meeting, greater gains will be available in the remaining days of the week. It should be highlighted, however, that long-term forecasts indicate a drop. “As a result, don’t be surprised if the rupee falls again tomorrow or next week,” he added.

Since January 2023, the currency has lost almost Rs. 51. It has lost more than Rs. 100 versus the US dollar since April 2022. According to today’s exchange rate movements, the PKR has gained Rs. 1.08 against the USD.

In the interbank market today, the PKR was bullish against the majority of the other major currencies. It increased by two paisas against the Canadian Dollar (CAD), 29 paisas against the Saudi Riyal (SAR), 29 paisas against the UAE Dirham (AED), 46 paisas against the Australian Dollar (AUD), and 85 paisas against the Euro (EUR).

In today’s interbank currency market, it lost 12 paisas against the Pound Sterling (GBP).

 

 

 

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