Rupee Gains Value Against US Dollar

Rupee gains value against US dollar

Interbank Market Results Showed Increases For The PKR

Today’s interbank market results showed increases for the Pakistani Rupee (PKR) against the US Dollar (USD). 

It gained 29 paisas in today’s interbank market to settle at Rs. 204.56, up 0.14 percent against the USD. 

Rupee Hit An All-Time Low Against The Dollar

On June 22, FY 2021–22, the rupee hit an all-time low against the dollar of Rs. 211.93. During the time period, it lost 30% (Rs. 47.3) of its value against the US dollar compared to the all-time high of Rs. 152.27 set in May 2021. 

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The PKR has increased by Rs. 7.37 against the USD since it hit its lowest point on June 22. Progress with the International Monetary Fund (IMF) following the widespread acceptance of the latter’s $6 billion loan programme was the driving force behind its recovery. 

Rupee’s Recovery Has Also Been Aided By The $2.3 billion

The rupee’s recovery has also been aided by the $2.3 billion (RMB 15 billion) lending facility agreement with a group of Chinese banks, the revenues of which increased the State Bank of Pakistan’s reserves to $10 billion. 

On the interbank market today, the PKR also slightly improved against other important currencies. It increased by eight pesos, 77 pesos, and five pesos versus the Australian Dollar (AUD), Pound Sterling (GBP), and Euro, respectively (EUR). 

However, in today’s interbank currency market, it decreased 0.35 paisas in value relative to the Canadian Dollar (CAD).

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