Rupee Touches Five Months Highest Against Dollar

Pakistani Rupee continued its appreciation against the US Dollar in the interbank market today.

The exchange rate of the Pakistani rupee strengthened by 39 paisas against the US dollar in the interbank trading on Wednesday and was closed at Rs. 163.48 against the previous day’s closing of 163.87. The dollar went on to touch an intra-day low of Rs. 163.20 which was almost a five-month low.

Rupee appreciated by 39 paisas against the greenback today due to ample inflows of export receipts and workers’ remittances. The excess supply of US Dollars today in the Foreign Exchange market helped the rupee to gain further, said Yaqoob Abubakar from Tresmark, an application that tracks financial markets.

A.A.H Soomro, managing director at Khadim Ali Shah Bukhari Securities told ProPakistani,

The currency has appreciated already by a good margin. If the dollar gains internationally, we might see PKR touch Rs. 161-162sh. That depends more on the US election outcome. Locally, the currency is fairly balanced.

According to market analysts, it’s unlikely that the PKR-USD exchange rate will cross the 164 level in the coming days. Inflows such as Remittances, an enthusiastic response in Roshan Digital Account and Naya Pakistan Certificates are playing a vital role in bringing the exchange rate to stability.

  • The power of Great KHAN of Pakistan. We are hearing positive news from all fronts. Dollar never appreciated like that during PMLN within a week. Even during times of Corona the value of our currency is increasing. Great going KHAN.

  • dollar is depreciating because US is minting dollars excessively for support of businesses and people during covid. one might like to give credit to Pakistan’s economy but this is actually not thw case at the moment

  • We need tons of tons of gober and load it in C 30 crafts and drop on all the govt buildings people houses who are govt servant and those no need to take there name on there secrets places where the kept millions of dollars of Pakistan

  • close