KARACHI – The Pakistani rupee rebounded significantly against the US dollar in the interbank market on Friday, registering a gain of nearly Rs13.68 after hitting a record low the day before.
The local currency is being traded at 285.25 in the interbank market, up by 5.22% from Thursday’s low of 298.93 while it gained Rs10 in the open market to reach at Rs295.
The yesterday’s surge was attributed to investors taking positive cues from the Supreme Court’s declaration that Imran Khan’s arrest was illegal, as well as Finance Minister Ishaq Dar’s assurance that Pakistan would fulfill its external obligations in a timely manner. Dar also revealed that a plan had been put in place for foreign payments of $3.7 billion in May and June, with China expected to roll over another $2.4 billion.
The political volatility in the country, sparked by Imran Khan’s arrest, has exacerbated the instability during a severe economic crisis and a delay in the IMF bailout. Internationally, the US dollar was close to a one-week peak, but investors are betting that the Federal Reserve will pause its interest rate increases due to a slowing US economy.
The dollar index, which measures the US currency against six rivals, slightly eased to 102.02 but is set to snap a two-week losing streak by gaining 0.7% this week.
Oil prices, a key indicator of currency parity, increased slightly in early Asian trade on Friday as traders engaged in short-covering ahead of the weekend. However, uncertainties regarding the US debt ceiling and renewed fears over a US regional banking crisis capped gains.
https://en.dailypakistan.com.pk/12-May-2023/today-s-currency-exchange-rates-in-pakistan-dollar-euro-pound-riyal-rates-on-may-11-2023
