The Pakistani Rupee (PKR) continued its winning streak against the US Dollar (USD) and reported gains in the interbank market today. The local currency gained 20 paisas against the greenback at the close of the session today.
It appreciated by 0.11 percent against the USD and closed at Rs. 181.82 today after gaining 90 paisas and closing at Rs. 182.02 in the interbank market on Tuesday, 12 April. The domestic currency hit an intra-day high of Rs. 181.12 against the USD during today’s open market session.
So far, PKR has recovered 3.46 percent of its value against the USD in the last four trading sessions.
The rupee reported gains against the dollar for the fourth consecutive day after CNOOC Ltd., China’s largest offshore oil and gas producer, announced that it is prepared to quit operations in the United States due to worries in Beijing that the assets may be vulnerable to Western sanctions, according to industry insiders.
Reuters reported that trade and human rights concerns have traditionally strained relations between China and the West, and tensions have risen in the aftermath of Russia’s invasion of Ukraine, which China has failed to condemn.
The United States warned China last week that it may face repercussions if it assisted Russia in evading Western sanctions, which have included financial measures that limit Russia’s access to foreign currency and make international transfers more difficult to complete.
At the time of filing this report, Brent crude stood firm at $106 a barrel while the US West Texas Intermediate (WTI) crude futures were trading at $102. Both benchmarks had surged by more than 6 percent in a single day.
Discussing the local currency’s performance earlier during the day, the former Treasury Head of Chase Manhattan Bank, Asad Rizvi, remarked that while the PKR momentarily fell below 182 to finish at 182.0192, it has now resumed its upward trend. The slow demand for dollars from importers, who may be waiting for another drop, might also assist. Moreover, during Ramadan, the flow of remittances rises, which also helps.
INTER BANK#PKR continued its upward journey. While PKR briefly traded below 182 to close at 182.0192.
Other helping factor could B slow demand for $ from importers as they may B waiting for some more correction.Flow of remittances increases during RAMZAN,which is also helping.— Asad Rizvi (@asadcmka) April 13, 2022
The PKR continued its good run against most of the other major currencies and reported gains in the interbank currency market today. It gained five paisas against both the Saudi Riyal (SAR) and the UAE Dirham (AED), five paisas against the Australian Dollar (AUD), 40 paisas against the Pound Sterling (GBP), and 91 paisas against the Euro (EUR).
Conversely, it lost 1.7 paisas against the Canadian Dollar (CAD) in today’s interbank currency market.
Allah Ka Shukar hai there’s some stability After New PM took in.
Yes