The Pakistani Rupee (PKR) gained in the interbank market today as it continued to recover versus the US Dollar (USD). At the completion of today’s session, the local currency had gained 42 paisa against the US dollar.
It gained 0.23 percent against the US dollar today, finishing at Rs. 185.62, following gaining 70 paisa and closing at Rs. 186.05 on Saturday, April 23rd in the interbank market. During today’s open market session, the Indian currency fell to an intraday low of Rs. 186.00 against the US dollar.
The rupee rose against the dollar for the second day in a row as global oil prices fell as a result of China’s decision to expand COVID testing in Beijing, raising demand concerns. Brent crude prices were down $0.52, or 0.5 percent, to $101 a barrel at the time of writing, while US West Texas Intermediate (WTI) crude futures were down $0.75, or 0.75 percent, to 97.5 a barrel.
Earlier in the day, Asad Rizvi, the former Treasury Head of Chase Manhattan Bank, commented on the local currency’s performance, stating that the IMF mission will arrive in May for its 7th EFF assessment, which could cause a delay in preparations and no money until June. It may put more burden on foreign reserves unless money can be found from other sources, which is a possibility.
“However, the slowdown in imports caused by the budget should provide room for the PKR,” he added.
In today’s interbank currency market, the PKR did well against most other major currencies, posting gains. It increased its value against the Saudi Riyal (SAR) and the UAE Dirham (AED) by 11 paisa, 38 paisa against the Canadian Dollar (CAD), 90 paisa against the Pound Sterling (GBP), and Rs. 1.33 against the Euro (EUR).
In today’s interbank currency market, it lost one paisa against the Australian Dollar (AUD).