Pakistani Rupee once again seen to be going in the upward direction today in interbank market rate as against the US Dollar, it had closed with an increase of 35 paisas.
In the beginning of November, the exchange rate was PKR 159.81 per USD 4 but now it has come down to PKR 159.46 as of today, according to the information released by the financial analytics platform Capital Stake.
Still, the continued progress in Pakistani Rupee exchange rate against the US Dollar might not be as strong a signal of solidification of Rupee as it is of weakening of the dollar because on the other hand, the exchange rate of Pakistani Rupee has gone downhill against other currencies including these (from November 4-5)
- Euro (EUR) ___PKR lost 57 paisas to EUR
- Pound (GBP)___lost 64 paisas
- Australian Dollar (AUD)___lost Rs1.42
- Canadian Dollar (CAD)___lost 79 paisas
The efforts of state bank of Pakistan (SBP) are among the major reasons that Pakistani Rupee has gained strength against US dollar.
Other than this, enhancement in exports, mainly led by the textile zone and to some extent supported by the early relaxing of lockdown restrictions, have also played its role in strengthening the rupee against the dollar.
