Pakistani rupee continued its appreciation for the fourth straight session in the interbank market, posting a gain of 29 paisas on Thursday.
The local currency closed at Rs. 155.46 against the USD on Thursday (18 March) compared to Wednesday’s (17 March) closing of Rs. 155.74 to the USD, which was up almost a Rupee from Tuesday’s closing of Rs. 156.71 against the greenback in the interbank currency market.
This is the strongest parity since March 6, 2020.
Managing Director at Khadim Ali Shah Bukhari Securities, A.A.H Soomro, 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. 12.97 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.
Experts and currency dealers are projecting Rupee to appreciate further in the coming weeks.
The PKR had also been posting blanket gains against all the major currencies since the beginning of the week. Thursday, however, saw PKR’s gains erode against Euro, Pound Sterling, and Canadian Dollar.
It improved by 25 paisas against the Euro on Monday, by 42 paisas on Tuesday, and significantly by Rs. 1.49 on Thursday. Today, PKR posted a loss of 33 paisas against the Euro.
PKR appreciated by 24 paisas against the Pound Sterling (GBP) on Monday, by Rs. 2.28 on Tuesday, and by 4 paisas on Wednesday. Today, PKR eroded by 59 paisas against the GBP.
On Monday, the PKR had posted a loss of 1 paisa against the AUD but reversed it on Tuesday with a notable gain of 78 paisas and added improvement of 65 paisas on Wednesday. Thursday brought losses for PKR against the AUD too, and it went down by Rs. 1.06.
The PKR posted a notable loss against the Canadian Dollar on Monday when it deteriorated by Rs. 1.05. However, on Tuesday, it appreciated 64 paisas against the CAD, adding another 50 paisas gain yesterday. Today, PKR lost some of those gains and went down by 32 paisas against the CAD.
PKR has been posted gains against both the UAE Dirham (AED) and the Saudi Riyal (SAR) in the interbank market since the beginning of this week. PKR went up by 3 paisas against each on Monday, by 7 paisas against both the currencies on Tuesday, 2 paisas against both on Wednesday, and by 7 paisas against both currencies on Thursday.