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Rupee Strengthens Against the US Dollar for 6th Consecutive Day Closing Below 170

The Pakistani Rupee continued to improve against the dollar and posted strong gains against the USD on Wednesday. PKR gained 57 paisas against the dollar and closed at 169.97, posting a growth of 3.12 percent since crashing to an all-time low in October.

On Tuesday, the local currency continued its bullish run towards recovery, a trend previously observed in April 2020. PKR added 75 paisas against the dollar and closed at 170.54 in the interbank market yesterday.

PKR has appreciated Rs. 5.30 in the past six market closings since posting record lows of Rs. 175.27 on 26 October. The dollar at the interbank rates has fallen for the sixth consecutive day against the rupee and traded on levels as low as Rs. 169.50 during the early hours of today’s open market.

The former Treasury Head of Chase Manhattan Bank, Asad Rizvi, said that despite the gains posted by the local unit against the US dollar, it is still inadequate to say much about the competitiveness of Pakistani goods in the international market.

“Though #PKR continues to make gains, the impact of depreciation is skimpy to support the view that it has reinstated the competitiveness of Pakistani goods in the int’l market. This is why trade deficit continues to mount & import bill is a big threat, which needs to be fixed”, he explained.

PKR continued its six-day winning streak against other major currencies as well. It gained 95 paisas against the Euro, 134 paisas against Pound Sterling (GBP), 72 paisas against the Australian Dollar (AUD), and 66 paisas against the Canadian Dollar (CAD).

It also added 15 paisas against both Saudi Riyal (SAR) and the United Arab Emirates Dirham (AED) today.

Source: Pro Pakistani

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