The Pakistani Rupee (PKR) kept going up against the US Dollar (USD) and made money in the interbank market today. Forty-two paisas in value were added to the local currency at the end of the trading day.
It went up 0.23 percent against the dollar and ended the day at Rs. 185.62. It rose 70 paisas and closed at Rs. 186.05 in the interbank market on Saturday, April 23. The rupee hit an intra-day low against the dollar of Rs. 186.00 today during the open market.
The rupee rose against the dollar for the second day in a row because oil prices fell worldwide after China expanded COVID testing in Beijing, which has raised concerns about demand. Futures for Brent crude dropped 0.52 cents to $101 a barrel at the time of this report. Futures for WTI crude fell 0.75 cents to 97.5 a barrel.
When Asad Rizvi was talking about the performance of the local currency earlier today, he said that the IMF will be there in May for its 7th EFF review, which could cause a delay in making arrangements and no money until June, which would be bad. Unless money can be found from somewhere else, it could put more strain on the foreign reserves. This is possible.
It should be easier for PKR to get money because of the budget, but that should give them room, he said.
The PKR did well against most of the other major currencies and made money in the interbank market today. Against both the Saudi Riyal (SAR) and the UAE Dirham (AED), it gained 11 paisas. Against the Canadian Dollar (CAD), 38 paisas, and the Pound Sterling (GBP), it earned 90 paisas (EUR)
It lost one paisa against the Australian Dollar (AUD) in the interbank market today.