PKR advances by 33 paisas against US dollar

Karachi: The US dollar exchange rate against the Pakistani rupee dropped on the second day of the week Tuesday, clawing back some of its losses sustained during the last day of the week.

According to the State Bank of Pakistan, the value of the Pakistani rupee against US dollar the increased by 0.22% to Rs153.33 against the last closing of Rs153.66 in the interbank market— falling below a 21-month low level of Rs154.

The British pound lost 60 paisas to Rs212.43 and the Saudi riyal lost Rs0.09 to Rs40.88 in the interbank market today.

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.

On the other hand, the 100-index of the Pakistan Stock Exchange on the second day of the business increased by 856 points, while the psychological barrier of 44,000 points was restored in the index while closing at 44,404.

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