After Days of Downfall, Rupee Makes A Magnificent Comeback Against All Currencies

Pakistani Rupee opened the week with the downward movement against the US Dollar but turned the tide on Tuesday. The Rupee closed at Rs. 153.33 to the USD today (April 6), up from Rs. 153.65 to the USD in the interbank market on Monday (April 5), with an appreciation of 32 paisas. The depreciation of the Rupee against the US dollar in the past few days was expected following a long upward rally, while the upward movement cannot be categorized as unexpected either. ALSO READ Pakistani Rupee Continues to Drop Against the US Dollar 3rd Day in A Row According to the dealers, the Rupee is strengthening due to improved external position and lower demand for import payments. The inflows as approved by the IMF, the World Bank, and the Asian Development Bank have created a positive sentiment for the local currency. This also hints at a further appreciation for PKR in the coming weeks. PKR also eroded against most other major currencies except Euro on Monday. Interestingly, Euro is the only major currency PKR posted erosion against on Tuesday while improving against most other currencies. PKR posted a loss of 67 paisas against Euro. Against other currencies, PKR gained 59 paisas against the Pound Sterling (GBP), 15 paisas against the Australian Dollar (AUD), and 10 paisas against the Canadian Dollar (CAD). ALSO READ Rupee Posts Big Losses Two Days in A Row The PKR deteriorated against both the UAE Dirham (AED) and the Saudi Riyal (SAR) on Monday but posted an improvement of 8 paisas against both currencies today.