Rupee Continues Recovery Against US Dollar with Slight Gains

The Pakistani Rupee (PKR) continued to gain ground against the US Dollar (USD) and posted gains in the interbank market today.

It appreciated by 0.14 percent against the USD and closed at Rs. 204.56 after gaining 29 paisas in the interbank market today.

During FY 2021-22, the rupee fell to an all-time low of Rs. 211.93 against the dollar on 22 June. It lost 30 percent (Rs. 47.3) of its value against the USD during the period as compared to the record high of Rs. 152.27 recorded in May 2021.

Since sinking to its lowest on 22 June, the PKR has gained Rs. 7.37 against the USD. Its recovery came on the back of progress with the International Monetary Fund (IMF) after the broad agreement on the latter’s $6 billion loan program.

The $2.3 billion (RMB 15 billion) loan facility agreement with a consortium of banks from China, the proceeds of which took State Bank of Pakistan’s reserves above $10 billion, have also helped the rupee’s resurgence.

The PKR also marginally improved against other major currencies in the interbank market today. It gained eight paisas against the Australian Dollar (AUD), 77 paisas against the Pound Sterling (GBP), and five paisas against the Euro (EUR).

However, it lost 0.35 paisas against the Canadian Dollar (CAD) in today’s interbank currency market.