Pakistani Rupee recovers back against the US dollar in interbank market

Shares
Pakistani Rupee recovers back against the US dollar in interbank market

The Pakistani Rupee (PKR) continued to post strong gains against the US Dollar (USD) and appreciated 46 paisas against the greenback in the inter-bank market for the second consecutive day. It hit an intra-day high of Rs. 174.10 against the USD during today’s open market session.

The PKR appreciated by 0.27 percent against the USD and closed at Rs. 174.30 today after it posted gains of 46 paisas and closed at Rs. 174.77 in the inter-bank market on Monday, 22 November.

With a fresh but nervous surge in valuation, the PKR has set a new course to engage in recurrent positive trends during the week as the exchange ledger gets bullish. In the recent past, the local currency closed at an all-time low of Rs. 175.73 against the greenback on 12 November.

The Rupee has continued to soar in value as pressures from the last few weeks continue to trail off. It has a variety of indicators backing its ascent, and the funneling of loan through the International Monetary Fund (IMF) is just the tip of the iceberg.

Overall, the economy still has a long way ahead of it in terms of growth, and timely fiscal reforms will help run its course towards newer levels of stability in the near term.