The Pakistani Rupee (PKR) continued its towering run against the US Dollar (USD) and reported gains in the interbank market today. The local currency gained 90 paisas against the greenback at the close of the session today.
It appreciated by 0.50 percent against the USD and closed at Rs. 182.02 today after gaining Rs. 1.75 and closing at Rs. 182.92 in the interbank market on Monday, 11 April. The domestic currency hit an intra-day high of Rs. 181.00 against the USD during today’s open market session.
The PKR has recovered almost 3 percent of its value against the USD in the last three trading sessions.
The rupee closed in green against the dollar for the third consecutive day despite an increase in global oil prices. Oil prices rose on Tuesday as fears about Chinese demand eased after Shanghai eased certain COVID-19-related restrictions and OPEC cautioned that increasing output enough to compensate for lost Russian supplies would be unfeasible.
At the time of filing this report, Brent oil futures were up $3, to stand at $101.5 a barrel, while the West Texas Intermediate (WTI) was up $2.75 to $97 a barrel. On Monday, both futures had settled at roughly 4 percent.
Discussing the local currency’s performance earlier during the day, the former Treasury Head of Chase Manhattan Bank, Asad Rizvi, remarked that the PKR’s ascension has continued, with significant strides forward. The growth has nothing to do with the economy or politics right now, but in fact, is the outcome of the new government’s declaration and its previous strategy of retaining a strong PKR. “Time will tell if the ongoing trend is sustainable or not,” he added.
Moreover, it gained 77 paisas against the Australian Dollar (AUD) in today’s interbank currency market.