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Rupee Gains Against the US Dollar Thanks to Relief from Japan

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The Pakistan Rupee (PKR) changed tide against the US Dollar (USD) yesterday in the currency market after seven consecutive days of losses. Today, PKR continued its upward movement and appreciated by 26 paisas against the greenback.

PKR closed at Rs. 153.61 to the USD at the end of the trading day today (Thursday, 29 April) compared to Rs. 153.87 to the USD on Wednesday (28 April).

A foreign exchange dealer said, “Today, the demand was lower, but the supplies were healthy due to strong remittances from overseas Pakistani workers in the holy month of Ramazan.”

He said that the sale of forwarding US Dollars by exporters also lent support to the Rupee. Experts are also of the opinion that the news of debt relief from Japan to Pakistan, of nearly $370 million as part of the G20 DSSI Initiative, also added to the positive sentiment for Pakistani Rupee.

With respect to other major currencies, the Pakistani Rupee had a rather bleak day today after posting blanket gains yesterday in the interbank currency market.

PKR lost 41 paisas against the Euro, deteriorated by almost a rupee (99 paisas) against the Pound Sterling (GBP), lost nearly 46 paisas against the Australian Dollar (AUD), and went down by 81 paisas against the Canadian Dollar (CAD).

The PKR posted gains against the UAE Dirham (AED) and the Saudi Riyal (SAR) in the interbank market today, appreciating by 7 paisas and 6 paisas, respectively.

Source: Pro Pakistani

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