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Rupee Advances Against Dollar for 6th Consecutive Day

The Pakistani Rupee (PKR) continued to appreciate against the US Dollar (USD) on the interbank market. This is the rupiah’s sixth consecutive day of improvement against the greenback.

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The rupee appreciated by 20 paisa against the USD on the interbank forex market today, closing at 153.0399 against the USD at the end of today’s trading session (Wednesday 5th May) against 153.24 Rs against USD on Tuesday (May 4).

Market analysts say traders favor long positions in rupiah, mainly due to expectations of higher remittances and capital inflows associated with Ramazan.

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According to one dealer, the rupee rose in value due to the inflow of Eid-related money. He said Pakistanis abroad often send money to relatives to celebrate Eid.

Compared to other major currencies, the Pakistani rupee had a positive day in the interbank currency market. Like yesterday, the PKR rallied strongly against all currencies except for the loss against the pound sterling (GBP), which stood at 13 paisa today.

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The PKR also appreciated against the United Arab Emirates Dirham (AED) and the Saudi Riyal (SAR) on the interbank market today, up 5 paisa against the two currencies. this bad. 

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