PKR edges up against Dollar

According to the State Bank of Pakistan, the value of the Pakistani rupee against the US dollar increased by 0.08% to Rs153.24 against the last closing of Rs153.36 in the interbank market.

Interbank closing #ExchangeRate for today:https://t.co/6VRUomRILI pic.twitter.com/03kKvjeXEq

— SBP (@StateBank_Pak) May 4, 2021

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 Tuesday the prices of other currencies including the euro, pound, riyal, dirham: