Pakistani Rupee Makes Big Gains Against US Dollar
Pakistani rupee continued its appreciation for the fourth straight session in the interbank market, posting a gain of 29 paisas.
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The local currency closed at Rs. 155.46 against the USD on Thursday (18 March) compared to Wednesday’s (17 March) closing of Rs. 155.74 to the USD, which was up almost a Rupee from Tuesday’s closing of Rs. 156.71 against the greenback in the interbank currency market.
The Pakistani Rupee has gained Rs. 12.97 against the USD since its lowest in August last year, where it traded at Rs. 168.43 to the USD in the interbank currency market.
Experts and currency dealers are projecting Rupee to appreciate further in the coming weeks.
According to the experts, the decline in REER boosted trader sentiment. Another factor that contributed to market confidence was the news of the government taking on board foreign banks to sell bonds.
PKR appreciated by 24 paisas against the Pound Sterling (GBP) on Monday, by Rs. 2.28 on Tuesday, and by 4 paisas on Wednesday. Today, PKR eroded by 59 paisas against the GBP.
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The PKR posted a notable loss against the Canadian Dollar on Monday when it deteriorated by Rs. 1.05. However, on Tuesday, it appreciated 64 paisas against the CAD, adding another 50 paisas gain yesterday. Today, PKR lost some of those gains and went down by 32 paisas against the CAD.
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