The Pakistani Rupee (PKR) gained in the interbank market Thursday, continuing its excellent run versus the US Dollar (USD). At the completion of today’s session, the local currency had gained 13 paisas against the US dollar.
It rose 0.07 percent against the US dollar Thursday, finishing at Rs. 181.69, following gaining 20 paisas and closing at Rs. 181.82 in the interbank market on Wednesday. During today’s open market session, the Indian rupee reached an intraday high of Rs. 180.87 against the US dollar.
Despite the World Bank’s projection that Pakistan’s GDP growth will decelerate to 4.3 percent in fiscal year 2021-22 (ending June 2022) from 5.3 percent in fiscal year 2021-22 and to 4.0 percent in fiscal year 2022-23, the rupee has gained ground against the dollar for the fifth consecutive day.
While some countries are experiencing a robust resurgence in GDP growth, Afghanistan confronts a humanitarian crisis, Pakistan a political crisis, and Sri Lanka a balance-of-payments problem, according to the lender’s latest study “The South Asia Economic Focus, Reshaping Norms: A New Way Forward.”
Oil prices fell Wednesday in light activity as traders evaluated a larger-than-expected rise in US oil stocks against tightening global supply as reasons supporting the exchange rate.
Brent futures were down $1.67, or 1.54%, at $107 a barrel at the time of publishing this article, while US West Texas Intermediate (WTI) futures were down $1.49, or 1.43 percent, at $102.8 a barrel.
Earlier in the day, Asad Rizvi, the former Treasury Head of Chase Manhattan Bank, commented on the PKR’s performance, saying that it is continuing to enjoy itself by strengthening.
Former FM Shaukat Tarin stated during a press conference that the PKR is undervalued, and Ishaq Dar later backed up his statement. He remarked on AAJ TV that the rupee may stable and strengthen to $/160 with the right economic orientation.
The PKR maintained its strong performance versus a number of other major currencies today, posting gains in the interbank currency market. Against the Saudi Riyal (SAR) and the UAE Dirham, it gained three paisas (AED).
In today’s interbank currency market, it lost 13 paisas to the Australian Dollar (AUD), 72 paisas to the Canadian Dollar (CAD), Rs. 1.41 to the Euro (EUR), and Rs. 2.22 to the Pound Sterling (GBP).
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