Rupee Continues Good Run Against US Dollar 6th Day in a Row

Rupee Continues Good Run Against US Dollar 6th Day in a Row 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 11 paisas against the US dollar.

It rose 0.06 percent against the US dollar today, closing at Rs. 181.58 after rising 13 paisas and closing at Rs. 181.69 in the interbank market on Thursday, 14 April. During today’s open market session, the rupee reached an intra-day high of Rs. 181.00 against the US dollar.

The rupee closed in the green against the dollar for the sixth day in a row, as speculative interest in the United States booked some profits ahead of a long weekend that begins later today. Furthermore, oil prices rose on Friday as traders weighed news of a potential European ban on Russian oil imports against a larger-than-expected build in US oil stocks and slowing refining activity in China.

Brent futures were up $4 at $111 a barrel at the time of filing this report, while US West Texas Intermediate (WTI) futures were sitting comfortably at $107.

In Pakistan, the State Bank of Pakistan’s weekly report released on Thursday revealed that Pakistan’s total liquid foreign exchange reserves fell by $449 million (-2.6 percent) to $17 billion on April 8, 2022, from $17.47 billion the previous week. SBP reserves fell by $470 million to $10.85 billion (-4.1 percent) from $11.32 billion the previous week.

Asad Rizvi, former Treasury Head of Chase Manhattan Bank, commented earlier in the day on the local currency’s performance, saying that the SBP’s net reserves continue to decline, accounting for more than half of the total. It peaked at $20.073 billion in August 2021. It is difficult to build reserves due to the growing trade deficit. While oil is an impediment, remittances are the most dependable source of capital and assistance.

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