The Pakistani Rupee (PKR) gained 38 paisas against the US Dollar (USD) today after a jump of 45 paisas yesterday and an improvement of nearly 12 paisas on Monday.
The PKR traded in the range of nearly Rs. 154 to Rs. 155.70 to the USD before closing at Rs. 155.01 to the USD in the interbank market today (25 March) up from yesterday’s (24 March) Rs. 155.39 to the USD.
While experts are attributing the general improvement in the PKR’s parity to better remittances and manageable Trade Deficits, today’s jump can be considered a direct result of the resumption of the International Monetary Fund (IMF) program. This is the highest parity for Pakistani Rupee against the USD in over a year.
The IMF has resumed its $6 billion bailout package and announced that Pakistan will be receiving the next tranche of $500 million.
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Moreover, the central bank is also reducing the transaction costs of remittances as the Roshan Digital Accounts (RDAs) continue to pour in foreign currency. Overall, the PKR can be expected to remain stable in the near future.
The PKR has also been posting blanket gains against other major currencies throughout this week.
Today, it appreciated by 82 paisas against the Euro while adding to yesterday’s notable jump of Rs. 1.69 and Monday’s gain of 37 paisas.
It also posted gains of 95 paisas against the Pound Sterling (GBP) after yesterday’s substantial gain of Rs. 3.08 and Monday’s appreciation of Rs. 1.34 against the GBP.
The PKR also posted an improvement of 50 paisas against the Australian Dollar (AUD) today after improving 12 paisas yesterday and a significant jump of 77 paisas on Monday.
It also improved by 21 paisas against the Canadian Dollar (CAD) after a notable gain of Rs. 1.19 yesterday and appreciating by 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 as the PKR’s usual movement remained at less than four paisas up or down but it improved by 12 paisas against the AED and by 11.8 paisas against the SAR yesterday. Today, the PKR appreciated by 10 paisas further against both the currencies.
