The Pakistani rupee was stable against the US Dollar during intraday trade today after opening trade at 286.7 in the interbank market.
The Pakistani rupee was largely stable today with the interbank rate initially going as low as 287.95 before rebounding back to 286 level. Open market rates across multiple currency counters (undocumented) still remained above 300 to as high as 304 while a few channels managed 310.
A few documented channels managed as high as 296 against the greenback.
At today’s close, the PKR suspended movement at 286.74 after losing one paisa today.
Today’s stalemate comes after the foreign exchange reserves held by the central bank decreased by almost half a billion dollars on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.
Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $8.864 billion, down $514 million over the previous week. The net reserves held by banks stood at $5.327 billion, registering a decrease of $33 million during the week.
Meanwhile, Pakistani dollar bonds advanced on Friday with sentiment for distressed debt getting a boost after Zambia clinched a debt deal with bilateral creditors following years of negotiations.
Pakistan’s 8.25 percent 2024 bond was seen climbing half a cent to about 50 cents on the dollar.
The bailout of the Zambian economy has set a precedent for the growing list of countries like Pakistan struggling to service their liabilities.
Overall, the rupee is down nearly Rs. 60 since January 2023. Since April 2022, it is down over Rs. 108 against the greenback. As per the exchange rate movements witnessed today, the PKR has lost one paisa against the dollar today.
The PKR was bullish against most of the other major currencies in the interbank market today. It held out against the Saudi Riyal (SAR) and the UAE Dirham (AED) and gained 83 paisas against the Canadian Dollar (CAD), Rs. 1.44 against the Pound Sterling (GBP), and Rs. 2.76 against the Australian Dollar (AUD).
Source: Pro Pakistani