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Pakistani Rupee Makes A Huge Recovery Against the US Dollar in a Single Day
Pakistani Rupee has shown a reverse movement once again, gaining almost one rupee against the US Dollar.
PKR closed at Rs. 160.08 on Tuesday (November 24) against the USD as compared to 161.04 on Monday in the interbank market, gaining 96 paisas.
PKR has been losing against the USD for several days. However, today the rupee has posted a significant gain, and not just against the USD, but also other main currencies.
On November 24, PKR gained Rs. 1.04 against Euro, 95 paisas against GBP, 19 paisas against the Australian Dollar, and 46 paisas against the Canadian Dollar.
Malik Bostan, Chairman of Exchange Companies Association of Pakistan (ECAP), said,
Rupee, once again, strengthened against the Dollar as the supply of the greenback improved in the market. Rupee faced a brief pressure, which declined its value, due to a sudden demand of the USD from the importers who opened LCs in quantum in the past couple of days. However, the demand fell again in the market, which appreciated Rupee again.
Renowned money exchanger, Zafar Paracha, told ProPakistani,
Rupee will further strengthen because of the stabilized supplies of Dollar in the local market.
The demand for the Dollar is projected to remain controlled now, with no foreseeable major hike as per the payment scheduled by the government and the importers, said Paracha.
He further added that the Pakistani Rupee has become strong against the Dollar, however, speculators’ movement caused a spike in demand, which was witnessed recently. Nevertheless, the policies of the State Bank of Pakistan (SBP) to maintain the demand for the Dollar are quite laudable.