After touching the highest value in nearly one year at the interbank currency market yesterday, the Pakistani Rupee posted a marginal loss of 2 paisas against the USD in the interbank market today.
From trading, at the lowest in August 2020, the Rupee posted an improvement of 71 paisas yesterday (March 3), closing at Rs. 157.13 to the USD in the interbank currency market. Today (March 4), PKR went down by 2 paisas and closed at Rs. 157.15 to the greenback.
The previous such high was recorded on March 10, 2020, at Rs. 157.35 to the USD on an intraday basis.
The Rupee has consistently improved against the US Dollar for over two weeks and was periodically appreciating before that. PKR continued to march upwards due to soft importers’ dollar demand and inflows from remittances, Roshan Digital Account, and export proceeds.
Since last month, PKR has improved by Rs. 2.97, or 1.8 percent, to the greenback. Since the highest exchange rate, the PKR posted at Rs. 168.43 to the USD, now the Pakistani Rupee has improved by 6.8 percent.
The appreciation in PKR will have two-edged impacts on Pakistan. On the positive side, the fall in US Dollar would help reduce the debt burden with this decline, and it will also likely lead to a decline in imported inflation.
On the other hand, exports may get relatively become uncompetitive in pricing, he added.
Against other currencies as well, PKR posted mixed results yesterday after three consecutively good days. Today again brought blanket gains for PKR against all major currencies, other than the USD.
Pakistani Rupee Closes at Its Highest in Nearly One Year Against the US Dollar
PKR appreciated by 92 paisas against the Euro on Monday but lost 18 paisas yesterday. Today, PKR posted a gain of 50 paisas against the Euro.
The improvement of Rs. 1.27 against the Pound Sterling on Monday also changed into 30 paisas loss for PKR yesterday, but today brought an improvement of approximately 45 paisas for PKR against the GBP. Today’s gains for PKR against the AUD clocked in at 41 paisas.
PKR had posted a loss of 1.5 paisas against the Canadian Dollar on Monday, which worsened with 2 paisas yesterday. Wednesday brought again for PKR with 26 paisas improvement against the CAD.
PKR had improved by 5 paisas against both UAE Dirham and Saudi Riyal on Monday, which continued yesterday with an improvement of 19 paisas for PKR against both the currencies. Today’s trend was positive but negligible as PKR gained less than a paisa against both currencies.
Source: Pro Pakistani