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Rupee finishes the week strong, recording gains versus the US Dollar and Gulf currencies

Rupee finishes the week on a high note, registering gains against both the US dollar and Gulf currencies.

Rupee Ends Week With Gains Against USD and Gulf Currencies

After opening at 287.375 in the interbank market, the Pakistani rupee ended the week with gains against the US dollar during intraday trade today.

Midday Bullish Surge: Rupee Soars After Gaining Rs. 2 Versus USD

It was bullish at noon, soaring as high as 286 after gaining Rs. 2 versus the US dollar.

Later, at 12:30 PM and 1:15 PM, it surged to the 287 level and remained there.

Open Market Rates: Rupee Holds in the 290-293 Area

Open market rates across various currency counters (documented) remained in the 290-293 area.

After gaining 58 paisas versus the dollar today, the PKR gained 0.2 percent, settling at 286.45.

Because initially the informal exchange rate was set at 295-298.

Today’s cash rate per dollar in Hundi was 296-301, with numerous outlets (undocumented) reporting rates as high as 303.

Today’s advances follow the announcement by Finance Minister Ishaq Dar in a tweet that the Export-Import Bank of China had rolled over $2.4 billion in loan repayments due over the next two years.

So, this comes only a few days after the Federal Cabinet’s Economic Coordination Committee (ECC) accepted the updated terms of the accord struck between Pakistan and China to extend debt repayment of more than $2 billion by two years.

China’s Loan Repayment Extension Boosts Rupee

China is Pakistan’s largest savior, contributing $23.87 billion in bilateral aid and $5.71 billion in commercial aid.

According to the most recent International Monetary Fund figures, Pakistan’s total external debt stock was $100.52 billion at the end of December 2022, with China financing $29.59 billion.

PKR’s Performance: Recent Depreciation and Current Gains

Since January 2023, the currency has lost almost Rs. 62. It has lost more than Rs. 110 versus the US dollar since April 2022. According to today’s currency rate moves, the PKR has gained 58 paisas versus the USD.

Today’s interbank market, the PKR was bullish versus several other major currencies. It increased by 15 paisas vs the Saudi Riyal (SAR), 16 paisas versus the UAE Dirham (AED), and 14 paisas versus the Canadian Dollar (CAD).

In today’s interbank currency market, it lost 94 paisas against the Euro (EUR), Rs. 1.06 against the Australian Dollar (AUD), and Rs. 1.43 against the British Pound (GBP).

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