The Pakistani Rupee (PKR) posted blanket gains against the US Dollar (USD) and appreciated six paisas against the greenback in the inter-bank market today. It hit an intra-day high of Rs. 174.74 against the USD during today’s open market session.
The local currency appreciated by 0.03 percent against the USD and closed at Rs. 174.98 today after it posted losses of 46 paisas and closed at Rs. 175.04. in the inter-bank market on Wednesday, 24 November.
The Rupee has managed to break its losing streak against the Dollar on account of the Thanksgiving holiday in the United States today.
So far this week, the local currency has struggled to establish solid grounds for remaining above a certain level of green as pressures from delayed fiscal reforms and loan facilities from the International Monetary Fund (IMF) were too strong for the Rupee to handle.
Besides all that, the PKR will now look to end this week on a positive as the dull demand from importers and traders is forecasting weak exchange invoices for the USD.
The former Treasury Head of Chase Manhattan Bank, Asad Rizvi, discussed the Rupee’s interbank showing in a tweet earlier today. He explained that New York is closed today because of Thanksgiving, which has prompted bleak sentiments as the market will look for a feeler for trends during the trading hours.
INTER BANK MARKET
Today New York is closed due to THANKS GIVING.
Market will trade #PKR VS $ value tomorrow.
Dull day is expected as Importers will be not be encouraged, while banks long in NOP could be net sellers that could support Rupee. But moves can be choppy & volatile.
— Asad Rizvi 🇵🇰 (@asadcmka) November 25, 2021
He added, “Market will trade #PKR VS $ value tomorrow. [A] Dull day is expected as Importers will be not be encouraged, while banks long in NOP could be net sellers that could support Rupee. But moves can be choppy & volatile”.
The PKR was all green against most of the other major currencies as well and posted gains in the inter-bank currency market today.
It gained 36 paisas against the Australian Dollar (AUD), and one paisa against both the UAE Dirham (AED) and the Saudi Riyal (SAR).
The Rupee recorded an impressive highlight against the Euro (EUR) after it posted gains of 62 paisas against the eurozone currency. It also posted gains of 17 paisas against the Malaysian Ringgit (MYR) and held on against the Chinese Yuan (CNY).
In contrast with the respite observed with other currencies, the local currency posted losses of 36 paisas against the Canadian Dollar (CAD) in the interbank currency market today.