Business
Dollar edges up against PKR on first day of week
Karachi: The US dollar exchange rate rose on Monday— the first day of the week, clawing back some of its losses sustained during the last couple of weeks.
According to the State Bank of Pakistan, the value of the US dollar against the Pakistani rupee increased by 0.07% to Rs153.66 against the last closing of Rs153.55 in the interbank market.
Whereas, according to Forex dealers, the dollar rose from Rs153.55 to close at Rs153.66 in the interbank market— gaining 11 paisas.
During the current financial year, the exchange rate fluctuated sharply and in August 2020 (FY 21), the rupee depreciated to its lowest level against the dollar, reaching Rs168.70 on August 20 last year.
The rupee then began to recover and has improved significantly against the US dollar over the past four months.
“The supply and demand position of dollars and the upcoming data on the country’s forex reserves will determine the future direction of the rupee. The rupee should conclude this week at Rs153.3 - 154.5 per dollar,” said a currency exchange dealer.
It is important to mention that the Pakistani Rupee appreciates when a lesser amount of rupees is required to get one USD whereas PKR depreciates when more rupees are required to get one greenback.