Tuesday, June 25, 2024

In a Couple of Days, Pakistani Rupee Makes an Unbelievable Recovery against the US Dollar

The Pakistani Rupee is again on the way to recovery against the US dollar. The Rupee has appreciated another 81 paisas against the greenback in the interbank market. The Rupee (PKR) closed at a value of 159.27 as compared to the Tuesday’s closing that was 161.08. PKR, the Pakistani Rupee recovered from almost a week-long loss were bouncing back to a level of 159 due to a decline in the dollar for buying from importers.

A.A.H Soomro, the Managing Director at Khadim Ali Shah Bukhari Securities, said that the Rupee would continue to swing the pendulum around Rs. 160 as the new buyers and the sellers exchange their hands. Demand would rise as imports increase and the FX reserves built up. However, the new lockdown in the 2nd wave of coronavirus would slow down the buying trend in the country for a while. We can expect Rs. 160 or more to continue for a few upcoming weeks.

The local currency, PKR was losing against the US Dollar since the past week. However, since the Tuesday of this week, the Rupee has posted as a significant gain, and it is not just against the US Dollar but other main currencies also.

Khurram Schehzad, The CEO of financial advisory Alpha Beta Core said that there is still a room for Pakistani currency PKR to improve against the US Dollar- USD as there have been like more inflows of the Dollars in the market as compared to the outflows.

Since the past one week, Rupee has faced a brief pressure on its value which declined its value, as due to a sudden demand of the US Dolalar from the importers who just opened LCs in quantum. Moreover, it is reported that the demand fell again in the market by leading to Rupee’s appreciation. Various sources said: we may see more stability in the value in the coming days.

Mehjabeen Qasim
Mehjabeen Qasimhttps://startuppakistan.com.pk/
Business Journalist at Startup Pakistan

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