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.