The Pakistan Rupee appreciated against the US Dollar (USD) on Monday and continued its run against the dollar. It gained 36 paisas against the dollar and closed at 171.29.
On Friday, the local currency continued to register its largest increase in value since April 2020. It added 61 paisas against the dollar and closed at 171.65 in the interbank market last week.
On Thursday, 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.
The Rupee has appreciated Rs. 3.98 in the past three sessions. The gains came after Saudi Arabia’s support package of $4.2 billion reinforced the market sentiments. The local unit has appreciated by about 2.32 percent since its all-time low of 174.43 on 26 October due to high international commodity prices and a widening current account deficit during that cycle.
Pak Rupee gained 36 paisa (0.21%) against US dollar and closed at 171.29. PKR has gained 3.98 rupees during last four days.
Today’s Closing: 171.29, +0.21%
+2.32% since its all-time low (26-Oct-21)@StateBank_Pak#SBP #Pakistan #Economy #AHL pic.twitter.com/iXRfpSHS3A— Arif Habib Limited (@ArifHabibLtd) November 1, 2021
The former Treasury Head of Chase Manhattan Bank, Asad Rizvi, has warned that markets may lose patience if the IMF press release is delayed this week. Regardless, he predicts the rupee to improve further.
INTER BANK MARKET
As market awaits for IMF press release,it may loose patience if announcement is delayed this week. However, I still see room for some more #PKR recovery.
Today,all eye will on the inflation number. Supply disruption & Higher Oil is not helping that could hurt— Asad Rizvi (@asadcmka) November 1, 2021
“However, I still see room for some more PKR recovery. Today, all eye[s] will [be] on the inflation number. Supply disruption and higher oil price is not helping that could hurt”, he added.
The PKR appreciated against other major currencies too. It gained 217 paisas against the Euro, 287 paisas against the Pound Sterling (GBP), 114 paisas against the Australian Dollar (AUD), and 89 paisas against the Canadian Dollar (CAD).
Interbank Closing#Pakistan #forex #ExchangeRate #Dollar #Rupee #Currency #KSE100 pic.twitter.com/SHsd095sWo
— Capital Stake (@CapitalStake) November 1, 2021
It also added 9 paisas against both Saudi Riyal (SAR) and the United Arab Emirates Dirham (AED) today.
A dead cat bounce!
Mr. PTI.
Plz do something, before it’s too late.
How long you shall be riding pervious govt’s. Now strings are in your hand.
Please.
iftikhar