The Pakistani Rupee (PKR) gained 42 paisas against the US Dollar (USD) crossing the psychological barrier of Rs. 155 to the Dollar. The PKR closed below Rs. 155 exchange rate today, clocking in at Rs. 154.58 to the USD in the interbank market today (26 March) up from yesterday’s (25 March) Rs. 155.01 to the USD.
Today’s improvement comes after a jump of 38 paisas yesterday and 45 paisas on Wednesday.
According to the financial analytics platform Capital Stake, the US Dollar has lost 0.89 percent in its value on a WTD basis. While, on year to date and month-to-date basis, the dollar depreciated by 3.28 percent and 2.22 percent, respectively.
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Dealers said that the local unit continued to march upward on the back of thin dollar demand from importers and strong inflows.
Moreover, the news of approving loan tranche after the completion of the delayed second to fifth reviews of Pakistan’s $6 billion Extended Fund Facility by the IMF Executive Board lifted trader sentiment.
CEO of Alpha Beta Core Securities, Khurram Schehzad, spoke to ProPakistani and said that the PKR has appreciated by approximately Rs. 14, or 8.2 percent against the US Dollar since its lowest rate at Rs. 168.43 in August 2020.
As far as the potential impacts of this appreciation are concerned, Schehzad said that it will be good to offset imported inflation given rising oil prices in the global markets. It will also be useful for lowering the debt repayment burden on the country’s foreign debts.
However, this appreciation may render exports uncompetitive in the short run, he said.
The PKR has also been posting blanket gains against other major currencies throughout this week. The only notable loss came from Pound Sterling on the closing day of the week.
Today, PKR appreciated by 90 paisas against the Euro while adding to yesterday’s appreciation of 82 paisas, Wednesdays’ notable jump of Rs. 1.69 and Monday’s gain of 37 paisas.
PKR posted a loss of 85 paisas against the Pound Sterling (GBP) today. This came after yesterday’s gain of 95 paisas, which had followed Wednesday’s substantial gains of Rs. 3.08 and Monday’s appreciation of Rs. 1.34 against the GBP.
The PKR posted a moderate improvement of 4 paisas against the Australian Dollar (AUD) today, after improving 50 paisas yesterday, 12 paisas on Wednesday, and a significant jump of 77 paisas on Monday.
It also improved by 37 paisas against the Canadian Dollar (CAD) after improving by 21 paisas yesterday, posting a notable gain of Rs. 1.19 on Wednesday and appreciated 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 11.8 paisas against the SAR yesterday. Yesterday, the PKR appreciated by 10 paisas and today by 11 paisas further, against both the currencies.
