Rupee Recovers Against the US Dollar and Euro Two Days in a Row

The Pakistani Rupee (PKR) recovered against the US Dollar (USD) for the second day in a row and appreciated 40 paisas against the greenback in the inter-bank market today.

It appreciated by 0.23 percent against the USD and closed at Rs. 174.89 today after it posted gains of 43 paisas and closed at Rs. 175.29 in the inter-bank market on Monday, 15 November.

So what’s up with the Rupee lately? It is playing the bull and bear numbers a lot faster than anyone could have predicted. The local currency’s growth is feeling the weight of the imbalances it spawned a few years ago (particularly the external deficits), and may settle at resistance levels that are harmful to the economy according to current trends.

Today’s gains are a mere reflection of yesterday’s surge against the remarks of Finance Advisor Shaukat Tarin, and the release of the remittances figure for Q1 FY22.

Considering the PKR’s interbank performance earlier today during the trading hours, the former Treasury Head of Chase Manhattan Bank, Asad Rizvi, seemed disappointed with the Rupee’s performance as it failed to exploit gains to achieve higher resistance levels. He said, “Yesterday after a blistering start Rupee failed to keep its upside momentum”.

“Release of remittances figure of $ 2.5bn inflow for OCT & FM’s statement of undervalued #PKR supported the local currency, but late demand narrowed the gain. It may continue to look for direction,” he added.

The PKR maintained its performance against most of the other major currencies as well and posted encouraging gains in the inter-bank currency market today.

It gained a whopping Rs. 1.85 against the Euro (EUR), 12 paisas against the Malaysian Ringgit (MYR), and five paisas against the Chinese Yuan (CNY).

It also posted gains of 11 paisas against both the UAE Dirham (AED) and the Saudi Riyal (SAR) in today’s inter-bank currency market.

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Besides this, the PKR posted gains of 23 paisas against the Canadian Dollar (CAD), 51 paisas against the Australian Dollar (AUD), and losses of 19 paisas against the Pound Sterling (GBP).



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