The Pakistani Rupee (PKR) continues its gaining streak against the US dollar (USD) as big gains were reported during intraday trade today for the eighth consecutive day. The Pakistani Rupee had gained over Rs. 2 against the US dollar and was trading at Rs. 218.25 in the open market at 9:54 AM. Despite today’s gains, the US dollar is up by Rs. 31.05 (intraday) against the PKR.
Interbank Closing Exchange Rate of Pakistani Rupee Against US Dollar is 218.88
By midday, the US dollar fell by Rs. 5.61 to below 220 against the Pakistani rupee for the second consecutive trading session. At 12: 55 PM, the local unit was trading at 216.39 against the top foreign currency with more recovery on the horizon as market sentiments realign. After moderating growth below the 220 level, the local unit closed at 218.88.
Today’s intraday growth comes after markets reacted to news that the International Monetary Fund (IMF) and Pakistan are close to an agreement on the Letter of Intent (LOI) for the lender’s $1.17 billion bailout for the cash-strapped nation. Government sources are of the view that Pakistan could receive LoI before the weekend. Since last week, the Pakistani rupee has continued to fuel market sentiments with significant growth with multiple factors playing a role.
Moreover, the IMF’s comments, soft dollar demand from importers, and USD selling by exporters are all helping the PKR. The local unit also received a major boost on Friday when Finance Minister Miftah Ismail announced that the government will control the flow of imports for the next three months to keep the country on track toward recovery.
PKR Also Strengthened Against Most of the Other Major Currencies
The Pakistani rupee strengthened against most of the other major currencies in the interbank market today. It gained 64 paisas against the Euro (EUR), 75 paisas against the Saudi Riyal (SAR), 82 paisas against UAE Dirham (AED), and 95 paisas against the Pound Sterling (GBP), and 96 paisas against the Canadian Dollar (CAD).
Read more: Rupee Continues its Winning Streak Against US Dollar, As it Closes at PKR226.15