Pakistani Rupee Strengthens against the U.S. Dollar. Pakistani Rupee has increased by almost one rupee against the U.S. dollar.
According to the report, PKR closed at Rs. 160.08 on Tuesday (November 24) against the USD as compared to 161.04 on Monday within the interbank market, gaining 96 paisas.
PKR has been falling against the USD for several days. However, today the rupee has posted a giant gain, and not just against the USD, but also other main currencies.
On November 24, PKR gained Rs. 1.04 against Euro, 95 paisas against GBP, 19 paisas against the Australian dollar, and 46 paisas against the Canadian dollar.
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Malik Bostan, Chairman of Exchange Companies Association of Pakistan (ECAP), said, “Rupee, once more, strengthened against the Dollar because the supply of the greenback improved within the market.
Rupee faced a quick pressure, which declined its value, thanks to a sudden demand of the USD from the importers who opened LCs in quantum within the past few days. However, the demand fell again within the market, which appreciated Rupee again.”
Renowned money exchanger, Zafar Paracha told SocioOn, “Rupee will further strengthen due to the stabilized supplies of Dollar within the local market.”
The demand for the Dollar is projected to stay controlled now, with no predictable currency lively major hike as per the payment scheduled by the govt and therefore the importers said Paracha.
He additional added that the Pakistani rupee has become strong against the Dollar, however, speculators’ movement caused a spike in demand, which was witnessed recently.
However, the policies of the depository financial institution of Pakistan (SBP) to take care of the demand for the Dollar are quite laudable.