Pakistani Rupee appreciated the entire week against the US dollar after opening with a loss on Monday.
The Rupee closed at Rs. 152.94 to the USD today (April 9), up from Rs. 153.01 to the USD in the interbank market on Thursday (April 8), with an appreciation of 7 paisas.
According to the investment analytics platform Capital Stake, the PKR gained 4.31 percent against the US Dollar on a year-to-date comparison and 0.4 percent on a weekly comparison. On a month-to-date comparison, however, PKR has depreciated by 0.12 percent.
Dealers said fewer import payments and healthy inflows helped the Pakistani Rupee to regain ground during the session.
The downfall for PKR at the beginning of this week may be explained by the buying pressure of dollars from importers and corporates.
Experts said that the demand for the greenback was temporary.
According to the dealers, the Rupee is strengthening due to improved external position and lower demand for import payments. The inflows as approved by the IMF, the World Bank, and the Asian Development Bank have created a positive sentiment for the currency. This also hints at a further appreciation for PKR in the coming weeks.
Against other major currencies, PKR posted gains in the interbank currency market today except against the Euro and the Canadian Dollar.
PKR posted a loss of 24 paisas against the Euro and 9 paisas against the CAD. Otherwise, PKR posted a gain of 60 paisas against the Pound Sterling (GBP), 33 paisas against the Australian Dollar (AUD), and nearly 2 paisas each against the UAE Dirham (AED) and the Saudi Riyal (SAR) today.
Source: Pro Pakistani