The Pakistani Rupee (PKR) continued to post strong gains against the US Dollar (USD) and appreciated 46 paisas against the greenback in the inter-bank market for the second consecutive day.
The PKR appreciated by 0.27 percent against the USD and closed at Rs. 174.30 today after it posted gains of 46 paisas and closed at Rs. 174.77 in the inter-bank market on Monday, 22 November.
With a fresh but nervous surge in valuation, the PKR has set a new course to engage in recurrent positive trends during the week as the exchange ledger gets bullish. In the recent past, the local currency closed at an all-time low of Rs. 175.73 against the greenback on 12 November.
The Rupee has continued to soar in value as pressures from the last few weeks continue to trail off. It has a variety of indicators backing its ascent, and the funneling of loan through the International Monetary Fund (IMF) is just the tip of the iceberg.
Overall, the economy still has a long way ahead of it in terms of growth, and timely fiscal reforms will help run its course towards newer levels of stability in the near term.
The former Treasury Head of Chase Manhattan Bank, Asad Rizvi, discussed the Rupee’s interbank showing in a tweet earlier today that read: “Yesterday, #PKR made gains on the news of IMF agreement, but the rally quickly fizzled out”.
INTER BANK
Y,day #PKR made gains on the news of IMF agreement,but the rally quickly fizzled out.Sentiment turned nervous realising conditions are very demanding & the challenge for approval is to meet all demands b4 it’s board meeting due in next 7-weeks. MKT will remain choppy
— Asad Rizvi (@asadcmka) November 23, 2021
He added, “Sentiment turned nervous, realizing conditions are very demanding & the challenge for approval is to meet all demands [before] its board meeting due in next 7-weeks. MKT will remain choppy”.
The PKR was all green against the other major currencies as well and posted gains in the inter-bank currency market today.
It gained a considerable Rs. 1.31 against the Canadian Dollar (CAD), 91 paisas against the Australian Dollar (AUD), and 12 paisas against both the UAE Dirham (AED) and the Saudi Riyal (SAR).
The Rupee continued its impressive highlight against the Euro (EUR) after it posted gains of 82 paisas against the eurozone currency. It also posted gains of 20 paisas against the Malaysian Ringgit (MYR) and nine paisas against the Chinese Yuan (CNY).
Furthermore, it gained big against the Pound Sterling (GBP) in the inter-bank currency market today, making a killer Rs. 1.4 against the currency.
