The Pakistan Rupee (PKR) continued its upward journey against the US Dollar (USD) on the second day of the week. This marks the fifth consecutive day of improvement for the rupee against the greenback.
The rupee appreciated by 12 paisas against the USD in the interbank currency market today, closing at Rs. 153.24 to the USD at the end of the trading day today (Tuesday, 4 May) compared to Rs. 153. 36 to the USD on Monday (3 May).
Market analysts said traders are in the favour of going long on the rupee, mostly due to expectations of higher remittances and Ramazan-related inflows.
Dealers added that inflows from remittances are preventing the rupee from any major fluctuation.
Against other major currencies, the Pakistani Rupee saw a positive day in the interbank currency market, with blanket gains against all currencies, except a loss of 23 paisas against the Pound Sterling (GBP).
PKR gained 46 paisas against the Euro, 24 paisas against the Australian Dollar (AUD), and 25 paisas against the Canadian Dollar (CAD).
The PKR also posted gains against the UAE Dirham (AED) and the Saudi Riyal (SAR) in the interbank market today, appreciating by 3 paisas against both the currencies.