Business
Dollar gains some ground against PKR
The US dollar exchange rate against Pakistani Rupee slightly rose on Wednesday— the third day of the week, clawing back some of its losses sustained during the last couple of weeks.
According to the State Bank of Pakistan and Forex exchange dealers, the value of the US dollar against the Pakistani rupee increased by 0.22% to Rs153.22 against the last closing of Rs152.89 in the interbank market.
The rupee 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.
Note that this is the first time since March 6, 2020, that the dollar has fallen below the level of Rs155.
It may be recalled that 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 rupee had traded at Rs 161.13 on January 16 this year, gaining Rs2.32 per dollar or 1.4 per cent. On February 12, the dollar traded at Rs158.81 in the interbank market, the lowest level in three months.
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.