Rupee Continues Upward Journey Against US Dollar

The Pakistan Rupee (PKR) continued its upward journey against the US Dollar (USD) in the interbank market. This marks the seventh consecutive day of improvement for the rupee against the greenback. The rupee gained 44 paisas against the USD in the interbank currency market today, closing at Rs. 152.59 to the USD at the end of the trading day today (Thursday, 6 May) compared to Rs. 153.03 to the USD on Wednesday (5 May). According to a dealer, the rupee was appreciating due to inflows of Eid-related remittances. He said overseas Pakistanis usually send money to their relatives for Eid celebrations. The financial markets will remain closed from May 10 to 15, 2021 on account of the Eid holidays. ALSO READ Rupee Improves Against Dollar for 6th Consecutive Day Against other major currencies as well, the Pakistani Rupee saw mixed results in the interbank currency market. PKR lost 2 paisas against the Euro, nearly 30 paisas against the Australian Dollar (AUD), and 10 paisas against the Canadian Dollar (CAD). ALSO READ Rupee Posts Gains Against the US Dollar 5th Day in A Row Against the Pound Sterling (GBP), however, PKR posted a gain of 25 paisas. PKR also posted gains of 12 paisas against the UAE Dirham (AED) and 11 paisas against the Saudi Riyal (SAR) in the interbank market today.