Rupee Continues to Rise Against US Dollar for 3rd Consecutive Day

The Pakistan Rupee appreciated against the US Dollar (USD) for the third consecutive day today. It gained 61 paisas against the dollar and closed at 171.65.

Yesterday, the local currency gained 52 paisas against the US Dollar and closed at 172.26 after registering its largest increase in value since April 2020 on Wednesday.

It also lost 84 paisas against the USD to hit an all-time low at 175.27 on Tuesday.

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The gains came after Saudi Arabia’s support package of $4.2 billion calmed and bolstered the market sentiment. Similarly, the markets are hopeful that the discussions between the government and the International Monetary Fund (IMF) will conclude amicably and secure further liquidity.

The local unit has depreciated by about 12 percent amid high international commodity prices and a widening current account deficit in the past few months.

 

According to Capital States, the Pakistani Rupee has appreciated 1.35 percent on a week-0ver-week basis.

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It gained 28 paisas against the Pound Sterling (GBP), eight paisas against the Canadian Dollar (CAD), 16 paisas against the Saudi Riyal (SAR), and 17 paisas against the United Arab Emirates Dirham (AED) today.

On the other hand, it lost 35 paisas against the Euro and 10 paisas against the Australian Dollar (AUD).



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