Rupee appreciates 38 paisas against dollar

Pakistani Rupee continued with its winning streak against the US Dollar, appreciating another 38 paisas (+0.25oc) in the interbank on Thursday.

According to the State Bank of Pakistan, the USD opened at Rs155.39 and closed at Rs155.01 on Thursday. The rupee traded within a very narrow range, showing an intraday high bid of Rs155.13 and an intraday low offer of Rs155.01.

Within the open market, rupee traded at 155/155.80 per dollar. PKR has gained Rs0.96 against the greenback this week, while it has gained Rs4.07 against the dollar since February 19.

As per currency experts, the market remained positive due to IMF’s approval for release of funds for Pakistan. A day earlier, the IMF approved $500 million for Pakistan under the EFF loan programme.

They also attributed the rise in PKR to lack of new import orders amid rising cases of coronavirus in the country. Importers expect that the government may take harsh measures, including strict lockdown, in the wake of the third wave of coronavirus, they opined.

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