After the national holiday on 23rd March, the Pakistani Rupee (PKR) reopened trading with a jump of 45 paisas against the US Dollar (USD) after having posted an improvement of nearly 12 paisas on Monday.
The PKR had maintained its upward trajectory throughout the last week before falling on Friday. Last Thursday, it had posted the strongest parity since 6 March 2020, and Monday seems to have put it back on the growth track.
The local currency closed at Rs. 155.39 against the USD on Wednesday (24 March) up from Rs. 155.85 on Monday (22 March), which itself was an improvement on Friday’s (19 March) closing of Rs. 155.97 to the USD.
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According to experts, the PKR will continue to remain strong against the USD in the near future. A. A. H Soomro, the Managing Director of Khadim Ali Shah Bukhari Securities, said that the currency is strengthening due to better remittances and manageable Trade Deficits.
“Lack of outward and inward travel is keeping markets oversupplied,” he said, and added, “This summer, Ramzan-induced pilgrimages are halted, and the third wave in Pakistan is preventing summer vacations also. Moreover, the 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 frequently posting blanket gains against all the major currencies. Monday brought the same trend for the PKR, with a repeat on Wednesday.
Today, the PKR appreciated notably by Rs. 1.69 against the Euro, adding to Monday’s gain of 37 paisas.
It also posted a substantial gain of Rs. 3.08 against the Pound Sterling (GBP), increasing from Rs. 1.34 improvement on Monday.
The PKR also posted a significant jump against the Australian Dollar (AUD) today after its improvement of 77 paisas on Monday.
It also improved notably by Rs. 1.19 against the Canadian Dollar (CAD) after gaining 34 paisas on Monday.
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The PKR has also been improving gradually against both the UAE Dirham (AED) and the Saudi Riyal (SAR) in the interbank market. It had improved by three paisas against both the AED and the SAR on Monday. Wednesday’s gains were substantive too, as the PKR’s usual movement remained at less than four paisas up or down. Today, however, it improved by 12 paisas against the AED and by 11.8 paisas against the SAR.
Everything standing at the same price where dollar was at peak. Don’t know why govt only sees betterment when actually situation is worse than ever. Corruption at the highest level and poverty and inflation reached sky
We ii get benifit after one month.. Now importers are booking orders
Noora brothers alonge his corrupt brother zardari destroyed economy in last 30 years and now people expect to get everything right withini two years.it will take some time trust me.things are on right path.
Why prices are not reducing like cars, petrol, electricity etc.