The Pakistani rupee (PKR) continued to gain momentum against the US dollar (USD) and today reported an increase in the interbank market. At the end of today’s session, the local currency greenback increased by 50 paise to 90 paise.
The USD rose 0.50% against the US dollar to close at Rs. After the increase of Rs. 182.02 today. 1.75 and closed at Rs. Monday, April 11 in the international market and interbank market at Rs 182.92. The intra-day high of the national currency rupee has reached its highest level on which the people of Pakistan have expressed happiness. 181.00 against USD during today’s open market session.
The Pakistani rupee closed green for the third day in a row despite rising global oil prices. Oil prices rose on Tuesday as Chinese demand eased after Shanghai eased COVID-19 sanctions and OPEC warned that production would increase to compensate for the loss of Russian supplies. Would be impractical At the time of filing this report, Brent oil futures were up $ 3 at $ 101.5 a barrel, while West Texas Intermediate (WTI) was at 75 2.75 to $ 97 a barrel.
On Monday, both futures were set at about 4%. Talking about the performance of the local currency earlier in the day, Asad Rizvi, former Treasury Head of Chaseman Hutton Bank, said that PKR continues to rise, with significant progress. Development has nothing to do with the economy or politics at the moment. “Time will tell if the ongoing trend is sustainable or not,” he added.