The Pakistan Rupee (PKR) continued its upward journey against the US Dollar (USD)in the interbank market. This marks the sixth consecutive day of improvement for the rupee against the greenback.
The rupee appreciated by 20 paisas against the USD in the interbank currency market today, closing at Rs. 153.0399 to the USD at the end of the trading day today (Wednesday, 5 May) compared to Rs. 153.24 to the USD on Tuesday (4 May).
Market analysts said traders are in the favor of going long on the rupee, mostly due to expectations of higher remittances and Ramazan-related inflows.
According to a dealer, the rupee was appreciating due to inflows of Eid-related remittances. He said overseas Pakistanis usually send money to their relatives for Eid celebrations.
Against other major currencies as well, the Pakistani Rupee saw a positive day in the interbank currency market. Like yesterday, PKR posted blanket gains against all currencies, except a loss against the Pound Sterling (GBP), which amounted to 13 paisas today.
PKR gained 62 paisas against the Euro, 30 paisas against the Australian Dollar (AUD), and 4 paisas against the Canadian Dollar (CAD).
The PKR also posted gains against the UAE Dirham (AED) and the Saudi Riyal (SAR) in the interbank market today, appreciating by 5 paisas against both the currencies.