Pakistani Rupee Makes Massive Gains Against US Dollar

The Pakistani Rupee (PKR) showed massive gains against the US Dollar (USD) in the interbank market as Pakistan’s import pressure witnessed a decline in July. According to the details, the Pakistani Rupee made gains of Rs. 12.38 as it was being traded at Rs. 226 against the US Dollar during intraday trade.

According to the State Bank of Pakistan (SBP), the Pakistani Rupee (PKR) closed with a slight drop at Rs. 228.80 against the US Dollar (USD) on 3 August 2022 (Wednesday), which is an appreciation of Rs. 9.58 (4.19%) compared to 2 August 2022 (Tuesday), when it closed at Rs. 238.38 against the foreign currency.

Read more: USD to PKR – Dollar Rate in Pakistan – 3 August 2022.

Pakistani Rupee started making gains on Friday after being ranked as one of the worst performing currency in the world as it depreciated for several days during the last days of July. However, the local currency has now recovered for the third consecutive day after weeks of persistent declines.

This can be attributed to the ease in import payments as well as well as IMF’s acknowledgement that Pakistan has completed the last precondition for release of the next tranche of the $6 billion loan programme.

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