Pakistani rupee opened the week with an improvement of nearly 12 paisas against the US Dollar.
PKR maintained its upward trajectory throughout the past week before falling on Friday. Thursday last week saw PKR post the strongest parity since March 6, 2020. Monday seems to have put the PKR back on the growth track.
The local currency closed at Rs. 155.85 against the USD on Monday (March 22) compared to Friday’s (March 19) closing of Rs. 155.97 to the USD.
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According to experts, PKR will remain strong against the USD in the near future as well. Managing Director at Khadim Ali Shah Bukhari Securities, A.A.H Soomro, said that the currency is strengthening due to much better remittances and manageable Trade Deficits.
“Lack of outward and inward travel is keeping markets oversupplied,” he said. Further adding, “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.”
The PKR has also been regularly posting blanket gains against all the major currencies. Monday brought the same trend for PKR once again.
Today PKR appreciated by 37 paisas against the Euro, posted substantial gains of Rs. 1.34 against the Pound Sterling (GBP), improved 77 paisas against the Australian Dollar (AUD) and went up by 34 paisas against the Canadian Dollar (CAD).
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PKR has also been gradually improving against both the UAE Dirham (AED) and the Saudi Riyal (SAR) in the interbank market. Today, it improved by 3 paisas against both AED and SAR.
Krishna