Pakistani Rupee Continues to Hold Strong Against US Dollar
Pakistani Rupee gained four paisas against the US Dollar in the interbank market today (November 30), after experiencing volatile rates during the past week.
PKR closed at Rs. 159.42 against the greenback on Monday, as compared to Rs. 159.46 on Friday (November 27). The Rupee, on Friday, saw a moderate loss against the USD after bouncing back to the Rs. 159 level, having crossed Rs. 160 during the same week.
PKR seems to be on its road to recovery once again against the US dollar, especially since it jumped 81 paisas versus the greenback on Wednesday last week after jumping almost one rupee the day before.
However, PKR fell against other major currencies today, with 77 paisas lost against the Euro and 46 paisas against the GBP.
Concerning the US Dollar, experts believe that inflows such as remittances, in an enthusiastic response in Roshan Digital Account and Naya Pakistan Certificates, are playing a vital role in stabilizing the exchange rate.
According to Governor State Bank of Pakistan (SBP), Dr. Reza Baqir, Pakistani ex-pats, so far, has deposited $100 million (approximately Rs. 16 billion) in Roshan Pakistan Digital Accounts since its launch.
If the Pakistani Rupee can sustain its values below the 160.00 level against the greenback in the near term, the Rupee might further appreciate against the USD.