Rupee Suddenly Makes Huge Gains Against All Currencies After Weeks of Depreciation

The Pakistan Rupee (PKR) changed tide against the US Dollar (USD) in the currency market after seven consecutive days of losses. PKR appreciated by 61 paisas in the interbank currency market against the greenback today, crossing the Rs. 154 boundary once again.

PKR closed at Rs. 153.87 to the USD at the end of the trading day today (Wednesday, 28 April) compared to Rs. 154.49 to the USD on Tuesday (27 April).

Yesterday saw PKR at a four-week low against the USD since Rs. 154.58 to the USD on March 26, 2021. Today’s improvement has put the PKR back in a strong position against the USD.

Analysts believe that amid the higher dollar demand from importers, the local unit is likely to remain under pressure because of import payments. Multinational firms are also seeking the greenback for repatriation of profits and dividends, which is also putting pressure on the local unit.

With respect to other major currencies as well, today brought a better outlook for the local unit. The PKR posted blanket gains against all major currencies in the interbank currency market.

PKR improved by 68 paisas against the Euro, by Rs. 1.05 against the Pound Sterling (GBP), by Rs. 1.10 against the Australian Dollar (AUD), and by 55 paisas against the Canadian Dollar (CAD).

The PKR also posted noteworthy gains of 16 paisas each against the UAE Dirham (AED) and the Saudi Riyal (SAR) in the interbank market today.

Source: Pro Pakistani