PKR Pursues Establishing Hegemony Against USD
The local currency surged by almost Re1 on Wednesday which was the highest single-day gain against USD since August last year
Pakistani Rupee (PKR) continued establishing its hegemony against US Dollar (USD) after which the value of the greenback returned to its last year level.
State Bank of Pakistan (SBP) reported that PKR traded at 155.74 against USD on Wednesday. This the highest level PKR has achieved since March 6, 2020.
PKR continued gaining strength against USD and went up by Rs 1.40 since Monday.
On Wednesday, the local currency had surged by almost Re1 which was the highest single-day gain against USD since August 27, 2020.
Since February 19, PKR has taken a giant leap as it gained Rs 3.34 against USD.
The greenback has soared Rs 12.69 or 7.53 percent since August 2020 after slumping to an all-time low of around Rs 168.
The currency dealers said the greenback gaining strength was a result of improved inflows through proper banking channels ahead of Ramzan and an increase in exports.
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The financial experts say that appreciation of local currency against USD also helps reducing import bills besides external debt.
