US Dollar upswings against PKR

According to a State Bank of Pakistan tweet, the US Dollar opened at Rs163.92 and closed at Rs164.01.

Interbank closing #ExchangeRate for today:https://t.co/LIeKSIsJFf pic.twitter.com/mY6TMNpLIl

— SBP (@StateBank_Pak) August 12, 2021

State Bank of Pakistan (SBP) data shows that the PKR cherished by 0.05 per cent in the interbank market.

Note that in recent months that the dollar has again touched the level of Rs164.

The rupee had traded at Rs 161.13 on January 16 this year, gaining Rs2.32 per dollar or 1.4 per cent.

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.

It should also be noted that the depreciation of the dollar and the appreciation of the rupee came at a time when the International Monetary Fund (IMF) delayed its program for Pakistan for more than a year.

“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 Rs163.3 - 164.5 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.