(MANEND NEWS): The Pakistani rupee gained further ground second day in a row against the US Dollar today after opening trade at 289 in the interbank market.
At 11:30 PM, it was bearish, treading the 289 level against the greenback after losing ~Rs. 2 during early-day trade.
Later, the interbank rate rose to 286 between 1:30 PM and 2:30 PM before anchoring trends for the remainder of the day. Open market rates across multiple currency counters stood in the 286-288 range today.
At close, the PKR appreciated by 0.31 percent to close at 286.5 after gaining 88 paisas against the dollar today.
The rupee closed in the green for the second consecutive day today.
Overall, the rupee is down nearly Rs. 70 since January 2023. Since April 2022, it is down over Rs. 117 against the greenback. As per exchange rate movements witnessed today, the PKR has gained nearly 90 paisas against the dollar.
Traders said in a brief note to ProPakistani that the rupee’s reversal will be shortlived, as seen in previous cyclical shifts since last year.
“The expectation is with another IMF disbursal now likely in mid-December, the forex market will cool down by at least Rs. 3-5. The respite will be small, with election season fast approaching and local politics and uncertainties impacting the economy. The necessity, as we said a while back, is clarity on all fronts. State institutions and the public should be unified to offer space for market growth,” they remarked.
Notably, Caretaker Finance Minister Dr. Shamshad Akhtar said recently that the government expresses a preference for continuing the market-determined exchange rate policy and rebuilding foreign exchange reserves.