Last Updated on: 25th July 2023, 01:55 am
The Pak Rupee (PKR) has finally appreciated versus the US dollar on the open currency market after weeks of losses.
The rupee fell to its lowest level in four months against the US dollar (USD) this week, surpassing Rs. 158 on Tuesday.
Today, after several consecutive days of heavy losses, PKR reversed the trend and posted a significant one Improvement. Pak Rupee appreciated 85 paisas against the greenback in the interbank currency market on Thursday June 24th, closing at Rs. 157.67 against the USD, compared to Rs. 158.53 on Wednesday June 23rd.
Also Read: Pak Rupee post gains against the US Dollar in the open market
PKR has shown continuous losses for five weeks, but with sporadic improvements. Today was one of those unusual days for PKR. The surge in import payments, coupled with the expected delay in the sixth review of the International Monetary Fund’s (IMF) $6 billion loan program, weighed on the rupee in the international currency market.
Former Treasury Director of Chase Manhattan Bank Asad Rizvi said of today’s rupee movement, “Yesterday SBP invited some bank treasurers who are actively involved in the market and told them not to panic because the currency position was under Control is.”
He said banks had been asked to use their NOP limit more effectively, adding, “This should help stabilize the market, suggesting a sharp opening of the rupee.”
A. A. H. Soomro, Managing Director of Khadim Ali Shah Bukhari Securities, said today, “PKR is floating around Rs 158/159, almost back to Rs 160.”
The trade deficit associated with the economic reopening is of course taking its toll. But unilateral currency movements are not a solution.
Also Read: Pak Rupee Posts Back-to-Back Losses Versus The US Dollar
The PKR also had a great day versus other major currencies. It appreciated by 1.08 rupees against the euro, nearly 93 paisas against the British pound (GBP), 40 paisas against the Australian dollar (AUD) and nearly 70 paisas against the Canadian dollar (CAD).
Pak Rupee also saw an improvement against the United Arab Emirates dirham (AED) and Saudi riyal (SAR), improving by 23 paisas and 22.8 paisas, respectively.
