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Rupee Makes Surprise Gains Against US Dollar After SBP Announcement Last Week

The Pakistani Rupee (PKR) continued its good run against the US Dollar (USD) and reported gains in the interbank market on Monday. The local currency gained Rs. 1.75 against the greenback at the close of the session on Monday.

It appreciated by 0.95 percent against the USD and closed at Rs. 182.92 today after gaining Rs. 3.49 and closing at Rs. 184.68 in the interbank market on Friday, 8 April. The domestic currency hit an intra-day high of Rs. 182.20 against the USD during today’s open market session.

The PKR has recovered 2.85 percent of its value against the USD in the last two trading sessions.

Conversely, the US dollar is down by Rs. 3.5 in the open market, trading around 184.50 per dollar. To recall, the greenback reached its highest level of Rs. 190 in the open market on 7 April 2022.

The rupee closed in the green against the dollar today after a dramatic week of political drama that ended with Prime Minister Imran Khan being ousted from power after losing a no-confidence vote on Saturday. The vote was held past midnight after opposition benches brought a motion against him, following days of political uncertainty.

Discussing the local currency’s performance earlier during the day, the former Treasury Head of Chase Manhattan Bank, Asad Rizvi, commented earlier that today might be a difficult day for the PKR, and it has to be tracked to see whether it can improve. There has been a lot of debate over RDA outflow. Because of the potential to break the placement, a little amount of outflow is conceivable.

He added, “However, at this point, our economy cannot afford [a] slowdown”.

The PKR continued its revitalized run against the other major currencies and reported gains in the interbank currency market today. It gained 46 paisas against the Saudi Riyal (SAR), 47 paisas against the UAE Dirham (AED), 98 paisas against the Euro (EUR), Rs. 1.56 against the Canadian Dollar (CAD), and Rs. 2.53 against the Pound Sterling (GBP).

Moreover, it gained Rs. 1.78 against the Australian Dollar (AUD) in today’s interbank currency market.

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