The Pakistani rupee gained further ground against the US Dollar to extend its win streak to 22 days today after opening trade at 284 in the interbank market.

At 11:30 PM, it was bullish, rising as high as 279 after gaining ~Rs. 3 against the greenback.

Later, the interbank rate eased to the 282 level between 1:30 PM and 2:30 PM before anchoring trends for the remainder of the day.

In the last 19 sessions, the PKR has gained Rs. 24.36 against the greenback.

Open market rates across multiple currency counters stood in the 278-283 range today. Since September 4, the open market rate has recovered massively by roughly Rs. 56 against the greenback.

At close, the PKR appreciated by 0.33 percent to close at 282.69 after gaining 93 paisas against the dollar today.

The rupee continued its good run 22nd day in a row today. The gap between interbank and open market rates massively shrunk by roughly Rs. 52 last month, and already by ~Rs. 5 this week. The rates have gone down to as low as 278 and have since continued brief spikes to 283 today.

Pertinently, the rupee is down nearly Rs. 63 since January 2023. Since April 2022, it is down over Rs. 110 against the greenback. As per exchange rate movements witnessed today, the PKR has gained over 90 paisas against the dollar.

In a key development, fuel prices in Pakistan are expected to see a massive decrease due to this week’s global oil prices coupled with the Pakistani Rupee’s massive uptick and Russia’s move to lift the ban on pipeline diesel exports, with initial estimates suggesting the per liter rates for both grades to fall significantly below 300 on October 15.

Assuming that international prices and the Pakistani Rupee remain at the same level for the next 10 days, a report by Arif Habib Limited expects local petrol and diesel prices to go down by Rs. 41/liter and Rs. 19/liter in the next fortnightly prices effective from 16 October 2023.

The PKR was green against most of the other major currencies in the interbank market today. It gained two paisas against the Canadian Dollar (CAD), nine paisas against the Euro (EUR), 11 paisas against the Australian Dollar (AUD), 24 paisas against the Saudi Riyal (SAR), and 25 paisas against the UAE Dirham (AED).

Conversely, it lost 57 paisas against the British Pound (GBP) in today’s interbank currency market.

Source: Pro Pakistani