in

Rupee Crosses One-Year High Against the US Dollar

After touching the highest value in nearly one year at the interbank currency market on Wednesday (March 3), the Pakistani Rupee posted a marginal loss of 2 paisas against the US Dollar in the interbank market yesterday (March 4).

While yesterday spelled an end to the streak of PKR’s strong run against the USD, today brought gains for PKR by 3 paisas.

From trading, at the lowest in August 2020, the Rupee posted an improvement of 71 paisas on March 3, closing at Rs. 157.13 to the USD in the interbank currency market. The previous such high was recorded on March 10, 2020, at Rs. 157.35 to the USD on an intraday basis.

Yesterday, PKR went down by 2 paisas and closed at Rs. 157.15 to the greenback. Today (March 5), PKR improved by 3 paisas and closed at Rs. 157.12 to the USD.


ALSO READ

Pakistani Rupee’s Strong Run Against the US Dollar Finally Ends Today


The Rupee has consistently improved against the US Dollar for over two weeks and was periodically appreciating before that. The only change in direction came yesterday, which brought minimal losses.

As per the investment analytics platform Capital Stake, the year-to-date change in PKR to USD has been Rs. 2.71, or a 1.7 percent improvement. In the month-to-date comparison, this is a 0.62 percent improvement with 98 paisas.

Image

PKR continued to march upwards due to soft importers’ dollar demand and inflows from remittances, Roshan Digital Account, and export proceeds.

Since last month, PKR has improved by Rs. 2.97, or 1.8 percent, to the greenback. Since the highest exchange rate, the PKR posted at Rs. 168.43 to the USD, now the Pakistani Rupee has improved by 6.8 percent.

The appreciation in PKR will have two-edged impacts on Pakistan. On the positive side, the fall in US Dollar would help reduce the debt burden with this decline, and it will also likely lead to a decline in imported inflation.

On the other hand, exports may get relatively become uncompetitive in pricing, he added.

Image

Against other currencies as well, PKR posted mixed results on Wednesday after three consecutively good days. However, yesterday again brought blanket gains for PKR against all major currencies, other than the USD. Today the interbank currency market closed with gains for PKR against all major currencies, including USD.


ALSO READ

Pakistani Rupee Achieves Highest Value Against the US Dollar in A Year


Yesterday PKR posted a gain of 50 paisas against the Euro, compounding that by further Rs. 1.84 improvement today.

Yesterday brought an improvement of approximately 45 paisas for PKR against the GBP, which went up further by Rs. 1.63 today.

Yesterday’s gains for PKR against the AUD clocked in at 41 paisas. Today PKR went up significantly by Rs. 2.04 against the AUD.

PKR went up by 26 paisas improvement against the CAD yesterday and posted 52 paisas improvement today.

PKR had improved by less than a paisa against both UAE Dirham and Saudi Riyal yesterday and continued the same today.

Source from :

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

    WhatsApp Finally Rolls Out Voice & Video Call Feature for Desktop

    National Academy of Higher Education and National Information Technology Board Jointly Organize E-Office Training