Pakistani Rupee Continues to Climb Against the US Dollar

The Pakistani Rupee (PKR) continues its recovery against the USD which closed at 158.69 on November, 10 (today). With a gain of 21 Paisas today, the Rupee has continued its streak of strengthening against the greenback in the interbank market.

The local currency is gaining due to a slowdown in importers’ demand for USD, while healthy inflows from remittances and export proceeds also boosted the value of the Rupee. On the other hand, exports are stable and improving.


ALSO READ

Pakistani Rupee Becomes 3rd Best Performing Currency in Asia


The measures taken by State Bank of Pakistan (SBP) to encourage investment in the country; coupled with increased remittances and shifting of export orders towards Pakistan as a result of persistent COVID-19 lockdown in neighboring South Asian nations, have all contributed towards this improvement in PKR’s exchange rate.


ALSO READ

Pakistani Rupee Continues Its Unhindered Climb Against US Dollar


While commenting on the Rupee-Dollar parity, A.A.H Soomro, Managing Director at Khadim Ali Shah Bukhari Securities, said,

Dollar inflows are above-expectations. Expect another good show in remittances and the current account.

Earlier today, according to Alpha Beta Core, an investment banking and corporate finance and technology advisory platform, Pakistani Rupee has become the third best-performing currency in Asia after it continued its unhindered climb against the US Dollar on Monday, closing the day in the interbank market at 158.91. Pakistani Rupee also hit an 8-month high against the US Dollar yesterday.

Alpha Beta Core CEO, Khurram Shehzad, has said that the improvement in Rupee-Dollar parity will reduce pressure on the external debt as well as imported inflation in the country.



Get Alerts

Follow ProPakistani to get latest news and updates.


ProPakistani Community

Join the groups below to get latest news and updates.



>