Pakistani Rupee Posts Big Gains Against US Dollar
On the third day in a row, the Pakistani Rupee strengthened versus the US dollar.
The Rupee recently appreciated by 16 paisas to close at Rs. 153.01 to the USD, up from Rs. 153.17 to the USD on Wednesday (April 7), when trading in the interbank market.
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Traders claimed that lower import payments and strong inflows were responsible for the Pakistani Rupee’s session-long gains.
The downward trend for the PKR at the start of this week may be attributed to corporate and importer dollar buying pressure.
Dealers claim that the rupee is gaining as a result of India’s stronger external situation and declining need for import payments. The IMF, the World Bank, and the Asian Development Bank-approved inflows have improved the currency’s reputation.
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Recently, the Pakistani rupee (PKR) gained 52 paisas versus the euro, Rs. 1.6 against the pound sterling (GBP), 20 paisas against the australian dollar (AUD), 28 paisas against the Canadian dollar (CAD), and 4 paisas against the dirhams of the UAE and Saudi Arabia.
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