Pakistani Rupee (PKR) continued its appreciation against the US Dollar today as it posted around Rs. 1 gain on Wednesday.
The local currency was closed at Rs. 155.74 against the USD on Wednesday (17 March) compared to Tuesday’s closing of Rs. 156.71 against the greenback in the interbank currency market.
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This is the strongest parity since March 6, 2020.
A.A.H Soomro, Managing Director at Khadim Ali Shah Bukhari Securities, while commenting on the Rupee, told ProPakistani, “Currency is strengthening owing to much better remittances and manageable Trade Deficits. Lack of outward and inward travel is keeping markets oversupplied.”
He said,
This summer, Ramzan-induced pilgrimages are halted and the third wave in Pakistan is preventing summer vacations also. Moreover, SBP is reducing transaction costs of remittances as well along with rejoicing the RDAs money. Therefore, expect the currency to remain stable. It is an opportune time for the SBP to build reserves. Exporters are being disadvantaged now.”
The Pakistani rupee has gained Rs. 12.68 against the USD since its lowest in August last year, where it traded at Rs. 168.43 to the USD in the interbank currency market.
Yaqoob Abubakar from Tresmark, an application that tracks financial markets said,
PKR is appreciating due to multiple reasons, including the sufficient supply of dollars in the market due to remittances and export receipts in the form of forwarding selling. Experts and currency dealers are projecting Rupee to appreciate further in the coming weeks.
The PKR has also been posting blanket gains against all the major currencies since the beginning of the week.
It improved by 25 paisas against the Euro on Monday and by 42 paisas yesterday. Today PKR jumped significantly by Rs. 1.49 against the Euro.
PKR appreciated by 24 paisas against the Pound Sterling (GBP) on Monday and hiked by Rs. 2.28 yesterday. Today it posted a 4 paisa gain against the GBP.
On Monday, the PKR had posted a loss of 1 paisa against the AUD but reversed it yesterday with a notable gain of 78 paisas. Today’s improvement for PKR against AUD clocked in at 65 paisas.
The PKR’s posted a notable loss against the Canadian Dollar on Monday when it deteriorated by Rs. 1.05. However, yesterday it appreciated 64 paisas against the CAD, adding another 50 paisas gain today.
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PKR posted gains of 3 paisas each against both the UAE Dirham (AED) and the Saudi Riyal (SAR) in the interbank market on Monday and improved with gains of 7 paisas against both the currencies yesterday. Today’s appreciation was 2 paisas against both currencies for PKR.
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Despite all the good efforts nothing positive seen for the poor man. Every single day milk, cooking oil, baby diaper and formula milk all standing where they were when dollar was at its peak. Tabdeli wo hoti hy jo ghareeb aur aam admi ko faida day na k mulk may latest SUVs Anna shuro ho jayn
This is a very positive sign for the economy and also shows the trust of Pakistani living abroad in the present govt. Giving the right of vote to Pakistanis aboard will reflect positively on the most elections.
This tabdeeli seems to be only for Pakistanis abroad. It’s doesn’t seem to make any positive change in lives of ordinary Pakistani. Maybe we need to find out more about foreign funding case of this regime.
rate of inflation is at its peak outside of Pakistan. Naturally it affects us in major way because we may produce but we do not innovate. The technology, raw material and equipment is all coming at very expensive cost from outside of Pakistan. There is increase of shipping/freight which is equal to 700% across the globe.
Pakistani’s complain alot but they dont do much to contribute in GDP.
STOP COMPLAINING AND START WORKING