In Thursday's interbank session, the Pakistani rupee (PKR) experienced a depreciation of approximately 4 paisa against the US dollar, closing the trade at PKR 278.44 per USD.
This marks a slight decrease compared to the previous session's closing rate of PKR 278.4 per USD. Throughout the trading day, the currency reached an intraday high (bid) of 278.5 and a low (ask) of 278.4.
This continuous strengthening of the dollar follows yesterday's 11 paisas appreciation, as reported by the State Bank of Pakistan, bringing the interbank rate to Rs278.40 by the close of business. Conversely, in the open market, the dollar saw a decrease of 11 paisas, settling at Rs279.57.
Meanwhile, amidst fluctuations in currency exchange rates, the Pakistan Stock Exchange (PSX) is exhibiting a bullish trend today. After a brief period of decline, the PSX has surged, with the 100 index rising by 182 points to reach 70,515 points.
Also Read: Minister says rupee value unlikely to depreciate further
The strengthening of the US dollar against the Pakistani rupee in the interbank market reflects ongoing market dynamics and external factors influencing currency valuation. Investors and analysts closely monitor these fluctuations, as they can impact various sectors of the economy, including imports, exports, and inflation.
On Wednesday, Finance Minister Muhammad Aurangzeb had conveyed a message of confidence and optimism regarding Pakistan's economic trajectory during a recent roundtable meeting with Bloomberg.
Aurangzeb stressed that the value of the Pakistani rupee is unlikely to experience further depreciation in talks with the International Monetary Fund (IMF). He also talked about foreign exchange reserves being strong and the stability of the exchange rate as contributing factors to this assessment.
