The Pakistani rupee recovered against the US Dollar during intraday trade today after opening trade at 285 in the interbank market.
At 12 PM, it was bullish, rising as high as 285 after gaining ~Rs. 2.5 against the greenback.
Later, it dropped to the 287 level between 1:30 PM and 2:30 PM and stayed at that level.
Open market rates (documented) across multiple currency counters rose to the 293-295 range.
At close, the PKR appreciated by 0.16 percent to close at 287.46 after gaining 45 paisas against the dollar today.
The informal exchange rate initially docked at 297-302.
Today’s cash rate per dollar in Hundi clocked in at the 298-304 band while many channels (undocumented) reported rates as high as 305.
Traders on Wednesday said sentiments were calm but prepared for the exchange rate to remain extremely volatile until General Elections in October. Uncertainty and continued restrictions on trade will have negative effect on PKR, which looks likely to breach 300 any day, any week/month. The waiting game calls for patience,” one of them added.
Overall, the rupee is down nearly Rs. 65 since January 2023. Since April 2022, it is down over Rs. 115 against the greenback. As per the exchange rate movements witnessed today, the PKR has gained 45 paisas against the dollar today.
In a key development, Canada’s Barrick Gold said it is open to bringing in the Kingdom of Saudi Arabia’s (KSA) Public Investment Fund (PIF) as one of its partners in Pakistan’s Reko Diq gold and copper mine.
The Canadian firm’s stance on Saudi investments in Pakistan’s mineral sector comes after last week’s reports that KSA was in talks with Barrick about investing in its Reko Diq copper project in the country.
Saudi Arabia is looking for a stake in the global mining game with access to strategic minerals as the Kingdom looks to diversify its economy away from oil. The kingdom is ready to splash some big cash, meanwhile, the Canadian firm looks to ease cash constraints.
Besides having a collaborator on site with massive funding abilities, Barrick sees KSA as a potential partner with enormous political clout in Pakistan.
The PKR was green against most of the other major currencies in the interbank market today. It gained five paisas against the British Pound (GBP), 12 paisas against the Saudi Riyal (SAR), 13 paisas against the UAE Dirham (AED), 18 paisas against the Canadian Dollar (CAD), and 26 paisas against the Euro (EUR).
Conversely, it lost Rs. 1.01 against the Australian Dollar (AUD) in today’s interbank currency market.
Source: Pro Pakistani
