Today saw significant advances for the Pakistani Rupee (PKR) against the US Dollar (USD). It gained 1.95 rupees in today’s interbank market to settle at Rs. 217.97, up 0.89 percent versus the USD. During today’s open market session, the local currency was quoted at a day low of Rs. 221.93 versus the US dollar.
When trading began versus the dollar, the local currency was bullish and opened at 221.40. The dollar’s value versus the rupee dropped as low as 217.50 around 10:15 AM. By lunchtime, the dollar’s value versus the rupee reached 221.90. Before the interbank closure, the local currency increased after 2 PM and remained at a level of 219–220 against the top foreign currency.
For the twelfth day in a row, the rupee appreciated versus the dollar in anticipation of the State Bank of Pakistan’s (SBP) announcement of its monetary policy.
After Finance Minister Ishaq Dar said on Sunday that Pakistan will not ask Paris Club creditors for debt restructuring in order to regain market confidence following a credit rating drop by Moody’s, the market began to rise. At a news conference in Islamabad, Dar stated, “We have decided not to go to the Paris Club,” adding that the decision was made after a discussion with the prime.
The Pakistani rupee has gained over 4 percent in the preceding week, and it now appears unlikely that it would depreciate from its present levels versus the US dollar. Although it is very evident how feelings have been determining market patterns since Dar assumed command as the nation’s top financial spokesman, study analysts predict the currency might plummet shortly.
To read our blog on “Dollar falls below Rs. 222 in intraday trading following Dar’s jumbo rupee forecast,” click here.
