Pakistan Rupee 19-Day Winning Streak vs US Dollar Despite World Bank Downgrade

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The Pakistani rupee has maintained its impressive winning streak against the US dollar for the 19th consecutive day in the interbank market. Beginning the trading day at 289, the rupee displayed its strength and stability.

By 11:30 AM, the rupee remained strong, reaching as high as 283, marking a substantial gain of approximately Rs. 6 against the US dollar. Later in the day, between 1:30 PM and 2:30 PM, the interbank rate saw a slight easing, settling at 286, but it stabilized at 285 for the remainder of the trading day.

Over the past 16 trading sessions, the Pakistani rupee has made significant advancements, recording an impressive gain of Rs. 21.33 against the US dollar. Open market rates across various currency exchanges today fluctuated between 282 and 286, reflecting the rupee’s robust performance.

Since September 4, the open market rate has witnessed a substantial recovery, appreciating by approximately Rs. 52 against the US dollar. As the trading day concluded, the PKR appreciated by 0.36 percent, closing at 285.72 after registering a notable gain of Rs. 1.04 against the US dollar.

However, it’s important to acknowledge that despite recent gains, the rupee has faced challenges throughout the year. Since January 2023, it has depreciated by nearly Rs. 66, and from April 2022, it has fallen by over Rs. 113 against the US dollar.

A noteworthy development is the World Bank’s recent projection for Pakistan’s GDP growth rate. The Bank has revised its estimate for the fiscal year 2023-24 (FY24) to 1.7 percent, down from its earlier forecast of 2 percent. The report emphasizes the significance of fiscal adjustments and comprehensive reforms to fortify Pakistan’s economy amid domestic and external challenges.

Ammara Ahmed

Ammara Ahmed

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