Pakistani Rupee Starts Gaining Against the US Dollar Again

Pakistani Rupee continued its upward trend for the second consecutive day. The Rupee closed at Rs. 153.17 to the USD today (April 7), up from Rs. 153.33 to the USD in the interbank market on Tuesday (April 6), with an appreciation of 15 paisas. Dealers said fewer import payments and healthy inflows helped the Pakistani Rupee to regain ground during the session. The downfall for PKR at the beginning of this week may be explained by the buying pressure of dollars from importers and corporates. Experts said that the demand for the greenback was temporary. ALSO READ After Days of Downfall, Rupee Makes A Magnificent Comeback Against All Currencies 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. Against other major currencies, PKR improved for the most part but lost against the Euro and Australian Dollar. PKR posted a loss of 86 paisas against the Euro and a loss of half a paisa against AUD. ALSO READ Pakistani Rupee Continues to Drop Against the US Dollar 3rd Day in A Row Against other currencies, PKR gained 57 paisas against the Pound Sterling (GBP), 58 paisas against the Canadian Dollar (CAD), and 4 paisas each against the UAE Dirham (AED) and the Saudi Riyal (SAR) today.