Rupee’s Recovery Against US Dollar Slows Down After World Bank’s GDP Forecast

Rupee’s Recovery Against US Dollar Slows Down After World Bank’s GDP Forecast in 2022

The Pakistani Rupee (PKR) maintained its strong performance against the US Dollar (USD) today, posting gains in the interbank market. At the close of the session today, the local currency had gained 13 paisas against the US dollar.

It gained 0.07 percent against the US dollar today, closing at Rs. 181.69, after gaining 20 paisas and closing at Rs. 181.82 in the interbank market on Wednesday, April 13. During today’s open market session, the rupee reached an intra-day high of Rs. 180.87 against the US dollar.

Despite the World Bank’s announcement that Pakistan’s GDP growth will slow to 4.3 percent in the fiscal year 2021-22 (ending June 2022) from 5.3 percent and 4.0 percent in the fiscal year 2022-23, the rupee rose against the dollar for the fifth consecutive day.

According to the lender’s latest report, “The South Asia Economic Focus, Reshaping Norms: A New Way Forward,” while some countries are experiencing a solid rebound in GDP growth, Afghanistan is experiencing a humanitarian crisis, Pakistan is experiencing a political crisis, and Sri Lanka is experiencing a balance-of-payments crisis.

In terms of monetary support, oil prices fell today in thin trade as traders weighed a larger-than-expected build in US oil stocks against tightening global supply.

Brent futures were down $1.67, or 1.54 percent, at $107 a barrel at the time of filing this report, while US West Texas Intermediate (WTI) futures were down $1.49, or 1.43 percent, at $102.8 a barrel.

Asad Rizvi, former Treasury Head of Chase Manhattan Bank, commented on the PKR’s performance earlier in the day, saying that the currency is continuing to enjoy itself by strengthening. Former FM Shaukat Tarin stated during a press conference that the PKR is undervalued, which Ishaq Dar later confirmed. He stated on AAJ Tv that with proper economic direction, the rupee could stabilize and strengthen to $/160.

The PKR maintained its strong performance against some of the world’s major currencies today, posting gains in the interbank currency market. It rose three paisas against the Saudi Riyal (SAR) and the UAE Dirham (DHR) (AED).

In today’s interbank currency market, it lost 13 paisas against the Australian Dollar (AUD), and 72 paisas against the Canadian Dollar (CAD), Rs. 1.41 against the Euro (EUR), and Rs. 2.22 against the Pound Sterling (GBP).

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