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Islamabad, Pakistan – In a surprise move, the Pakistani rupee (PKR) stabilized against the US Dollar (USD) in today’s interbank market, closing at 278.54, up 0.06% from its opening value of 278.
According to market sources, the PKR’s marginal appreciation comes as a welcome respite for the currency, which has been under pressure in recent months. The rupee’s stability against the dollar is seen as a positive sign, indicating a possible turnaround in the market.
However, the PKR’s performance against other major currencies was mixed. It lost 14 paisas against the Australian Dollar (AUD) and 71 paisas against the British Pound (GBP). On the other hand, it made gains against the UAE Dirham (AED), Saudi Riyal (SAR), Canadian Dollar (CAD), and Euro (EUR), with increases of 4 paisas, 4 paisas, 41 paisas, and 87 paisas, respectively.
Market analysts say the PKR’s stability against the dollar is a positive sign, but its mixed performance against other currencies indicates ongoing market volatility.
“The PKR’s stability against the USD is a positive sign, but its mixed performance against other currencies indicates ongoing market volatility,” said a leading market analyst. “Investors will be watching closely to see if this trend continues in the coming days.”
The Pakistani rupee has depreciated by nearly Rs. 51.64 since January 2023 and Rs. 95.64 since April 2022. On a year-to-date basis, the rupee has marginally appreciated by 0.02%.
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The development comes as the country’s central bank, the State Bank of Pakistan (SBP), continues to take measures to stabilize the currency and boost foreign exchange reserves.