ISLAMABAD: The Pakistani rupee reached a six-month high in the inter-bank market on Wednesday as it continued its gradual recovery against the US dollar. The local unit appreciated further today in the inter-bank trading, marking another day of stability.
According to the State Bank of Pakistan, the rupee closed at Rs. 280.90 today, from Monday’s rate of Rs. 281. Traders noted that improving sentiment, steady remittance inflows, and controlled imports have supported the currency’s positive momentum.
In the open market, exchange companies quoted the dollar at Rs. 281.30 for buying and Rs. 282.05 for selling. Market analysts believe consistent monitoring by authorities has helped narrow the premium between the two markets.
Mixed performance against major global currencies
The rupee was unable to maintain its strength against several key international currencies. It slipped by Rs. 0.93, or 0.28 percent, against the euro to close at Rs. 327.43. It also weakened by Rs. 0.36, or 0.10 percent, against the British pound, finishing at Rs. 374.47.
Against the Swiss franc, the PKR dropped by Rs. 1.13, or 0.32 percent, closing at Rs. 353.60. The rupee further declined by Rs. 0.01, or 0.56 percent, against the Japanese yen, settling at Rs. 1.8472. The currency also lost Rs. 0.06, or 0.14 percent, against the Chinese yuan, ending the session at Rs. 39.57.
Slight gains against Gulf currencies
However, the rupee edged higher against Gulf region currencies. It gained Rs. 0.01, or 0.01 percent, against the Saudi riyal to close at Rs. 74.92. A similar gain was recorded against the UAE dirham, which finished at Rs. 76.50.
Fiscal year trend remains positive
Despite periodic volatility, the rupee has appreciated by Rs. 2.79, or 0.99 percent, against the US dollar so far in the current fiscal year. Nevertheless, it remains weaker by Rs. 2.42, or 0.86 percent, since the start of the calendar year.
