Pakistani Rupee Finally Breaks the 160 Barrier Against the US Dollar

Industry

Pakistani Rupee continues its upward trend as today’s interbank market rates closed with a gain of 14 paisas. Continued improvement of PKR’s exchange rate against the US Dollar is indicative that the Rupee is strong, competitive & market-driven.

Pakistan has received significant remittances in the past few months. That, coupled with the measures taken by the State Bank of Pakistan (SBP) to encourage overseas investment in the country has been showing moderate but steady results for the past several days.

Improvement in exports, primarily led by the textile sector and partially assisted by the early loosening of lockdown restrictions, has also played its part in strengthening the rupee against the greenback.

From the other end of the spectrum, the continuous weakening of the US Dollar in international markets, independent of any factors by the Pakistani economy, is also pulling the Rupee back to fair values.

The rupee (PKR) appreciated by 14 paisas against US Dollar (USD) in today’s interbank session as it closed at Rs. 159.96 per USD, against the last session’s closing of Rs. 160.10 per USD.

Pakistani Rupee closed at 6-month high level against the US Dollar, closing below 160/USD for the first time since May 8, 2020. The currency has recovered 5.03 percent of its value from August’s low of PKR 168.43/USD.

The consistent inflows of foreign exchange in the country due to overseas’ remittances, investments through Roshan digital accounts, and export receipt maintained a favorable balance of supply and demand of the greenback in the local market are causing Rupee-USD parity to gain stability.

Source: Propakistani

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