Pakistani Rupee shows slight recovery of 50 paisa against USD by midday

ISLAMABAD: The Pakistani Rupee (PKR) displayed a modest improvement of 50 paisa against the US Dollar (USD) by midday, marking a brief respite in its recent streak of depreciation. The rupee’s value currently hovers around Rs. 303.16 against the USD, in contrast to its value of Rs. 303.011 per USD at the same time yesterday.

According to data and research platform Capital Stake, the USD reached its peak for the day at Rs. 303.66, which mirrored the opening exchange rate set from the previous day’s closing rate. As the day progressed, the PKR managed to recover marginally, demonstrating the 50 paisa improvement against the greenback.

In recent days, the PKR has been grappling with depreciation trends against the USD, marking a continued decline for the sixth consecutive day. Last week, the USD achieved an all-time high against the PKR, surpassing the significant Rs. 300 threshold. The open market rate has consistently held above the interbank rate, ranging from PKR 305 to PKR 311 per dollar.

With no substantial shifts observed in the demand for dollars and no imminent measures to counter currency smuggling, the gradual decline in the PKR’s value is expected to persist in the foreseeable future.