Pakistani Rupee Strengthens Against the US Dollar in Consecutive Trading Sessions

The Pakistani Rupee continued its upward trajectory against the US dollar for the sixth consecutive session on Tuesday, marking a positive movement in the inter-bank market. Notably, the Rupee appreciated by 20 paisas, which translates to an enhancement of 0.07 percent. This performance showcases a consistent strengthening trend when juxtaposed with its recent behavior in the currency market.

Inter-Bank and Open Market Gains

The State Bank of Pakistan (SBP) highlighted the day's financial outcome by revealing on social media that the Rupee commenced trading at a rate of 283.21 to the dollar and concluded at 283.01 in the inter-bank market. Concurrently, in the open market, the Rupee's value improved even more significantly, recording a gain of 50 paisas.

Recent Performance

In the current fiscal year 2023-24, the Rupee has seen an overall improvement of Rs5.28, taking into account the entire timeframe. Despite this progress, the year has also observed a depreciation of Rs52.17. In a focused view of the recent past, the Rupee advanced by 61 paisas against the US dollar in the preceding week and accumulated gains of Rs3.77 over the last five weeks. However, there was a period of decline in November, with the Rupee losing Rs3.69, following an impressive gain of Rs6.26 (2.23 percent) in October. Furthermore, September witnessed the currency's surge of over 6 percent, leading it to be the best-performing currency globally for that month.

Exchange Markets' Observation

The Exchange Companies Association of Pakistan (ECAP) provided figures detailing the Rupee's performance in the open market, which stand at 281 and 284 for buying and selling respectively, better than the previous session's rates of 281.50 and 284.50. The Rupee also mirrored last week's gain of 50 paisas against the greenback, as per the current data.

Rupee, Dollar, Market