The Pakistani rupee reported big gains against the US Dollar during intraday trade today after opening trade at 271 in the interbank market.

At 10 AM, it gained over Rs. 11 or roughly 4 percent against the greenback, rising to 274.98.

At 10:12 AM, it was trading at 274.2 against the dollar after initially staying at 277.77 for the first 5 minutes of trade.

The Pakistani rupee was bullish between 9:30 AM and 10:15 AM with the interbank rate rising by ~5 percent or Rs. 14.9 and staying on that level. This is the highest PKR recovery since 12 May 2023 when the local unit gained Rs. 13.85 or 4.87 percent against USD before intraday movement was suspended.

Open market rates across multiple currency counters gained over Rs. 15 to as high as 279 with further improvements expected before the day’s closing.

Dollar trade has turned a new leaf almost everywhere as traders reap a larger impact before close today. Indicators appear to be justified with further recovery expected. Industry experts opine that the market remains volatile to IMF news and this feature may outlast July.

The informal exchange rate has recovered massively and at 11:30 AM rose to the 281 level in response to the $3 billion bailout agreement with the International Monetary Fund (IMF).

Today’s cash rate per dollar in Hundi is expected to fall below 285 when they start leaking data later today, while many suggest it could remain above 290 to as low as 295.

One trader told ProPakistani that the interbank volume will remain in the green for the current week as daily digital transactions average roughly above $3-5 million. For now, cash counters have normalized movement to surprisingly welcome sellers’ pressure but reports on Hundi/Hawala exchange margins in the next couple of hours could improve things substantially, he added.

Source: Pro Pakistani