The Pakistani Rupee (PKR) continued its impressive run against the US Dollar (USD) and reported gains in the interbank market today. The local currency gained 13 paisas against the greenback at the close of the session today.
It appreciated by 0.07 percent against the USD and closed at Rs. 181.69 today after gaining 20 paisas and closing at Rs. 181.82 in the interbank market on Wednesday, 13 April. The domestic currency hit an intra-day high of Rs. 180.87 against the USD during today’s open market session.
The rupee reported gains against the dollar for the fifth consecutive day despite World Bank’s announcement that it expects Pakistan’s GDP growth to slow to 4.3 percent in the fiscal year 2021-22 (ending June 2022) from 5.3 percent and to 4.0 percent in the fiscal year 2022-23.
The lender in its latest report “The South Asia Economic Focus, Reshaping Norms: A New Way Forward”, while some countries experience a solid rebound in GDP growth, Afghanistan faces a humanitarian crisis, Pakistan a political crisis, and Sri Lanka a balance-of-payments crisis.
In terms of factors supporting the exchange rate, oil prices slipped today in thin trade, as traders weighed a larger-than-expected build in US oil stocks against tightening global supply.
At the time of filing this report, Brent futures were down $1.67, or 1.54 percent, at $107 a barrel, while US West Texas Intermediate (WTI) futures were off $1.49 or 1.43 percent, at $102.8 a barrel.
Discussing the local currency’s performance earlier during the day, the former Treasury Head of Chase Manhattan Bank, Asad Rizvi, commented that the PKR is continuing to enjoy itself by developing strength. While former FM Shaukat Tarin said during his press conference that the PKR is undervalued, Ishaq Dar subsequently backed it up. In an appearance on AAJ Tv, he stated that with the proper economic direction, the rupee may stabilize and strengthen to $/160.
INTER BANK MARKET#PKR continues to enjoy by gaining strength. ST in his press conference said that PKR is undervalued. It was later supported by former FM Isaq Dar. In his AAJ Tv appearance, he said Rupee can stabilise with right Economic direction & can strengthen to $/160. pic.twitter.com/6Ss6wUWZyw
— Asad Rizvi (@asadcmka) April 14, 2022
The PKR continued its good run against some of the other major currencies and reported gains in the interbank currency market today. It gained three paisas against both the Saudi Riyal (SAR) and the UAE Dirham (AED).
Conversely, it lost 13 paisas against the Australian Dollar (AUD), 72 paisas against the Canadian Dollar (CAD), Rs. 1.41 against the Euro (EUR), and Rs. 2.22 against the Pound Sterling (GBP) in today’s interbank currency market.
