Islamabad, Jan 31: The Pakistani rupee (PKR) finished January 2025 on a positive note, gaining against the US Dollar (USD) after starting the month at an opening rate of 280 PKR/USD in the interbank market. The currency closed the day at 278.95 PKR/USD, marking a modest appreciation of two paisas.
Throughout the day, the PKR traded within a narrow band of 278-280 against the dollar, maintaining stability in the market. The open market rates remained slightly higher, fluctuating between 279-282 PKR/USD. Despite the daily fluctuations, the rupee managed to close in the green against the US Dollar, contributing to a more positive sentiment for the currency.
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While the rupee saw a 0.01% depreciation compared to the previous trading day, it was still considered a significant recovery considering the prevailing market dynamics. On a fiscal year-to-date basis, the rupee has depreciated by 0.23%, showing a relatively stable performance overall, especially in comparison to previous years’ volatility.
In addition to its strength against the greenback, the PKR also posted gains against several other major currencies in today’s trading session. It appreciated by 27 paisas against the Canadian Dollar (CAD), 51 paisas against the Euro (EUR), and 48 paisas against the British Pound (GBP).
Meanwhile, the rupee remained steady against the UAE Dirham (AED) and the Saudi Riyal (SAR), signaling stability in the exchange rates of these key regional currencies. However, the rupee faced a 30 paisa loss against the Australian Dollar (AUD).
Overall, the PKR’s performance in the interbank market reflects its ability to maintain relative stability, offering some optimism for the country’s currency as it navigates ongoing economic challenges.
