Pakistani Rupee hits highest

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The Pakistani Rupee (PKR) began the week with a 14-paisa rise against the US Dollar (USD).

On Monday (15 March), the PKR closed at Rs. 156.99 against the USD, up 14 paisas from Friday’s interbank currency trading close of Rs. 157.13. This is the best since March 9, 2020, according to Arif Habib Limited.

According to analysts, remittances and Roshan Digital Accounts (RDAs) inflows have retained their momentum. Remittances stood at $2.26 billion in February 2021, representing a 24 percent increase, and RDAs are forecast to pull in a further $671 million until March 11, 2021. Additionally, Special Convertible Rupee Accounts took in about $30 million, largely by bonds.

Despite these inflows, PKR has stayed nearly flat and has capped some of the higher gains it made last week

“Forward selling by exporters has slowed down, but more importantly, dollar liquidity in the interbank market has magically vanished,” Tresmark said, quoting a forex trader in a commercial bank. He added, It does seem that stakeholders are weighing market acceptance at these levels, though new political developments could also be playing on traders’ minds.

The PKR benefited against most major currencies on Monday, with the exception of a small decline against the Australian Dollar (AUD) and a rupee weakening against the Canadian Dollar (CAD).

On the first day of the week, the PKR gained 25 paisas against the Euro and 24 paisas against the Pound Sterling (GBP). It did, however, lose 1 paisa against the AUD and Rs. 1.05 against the CAD.

In the interbank sector, the PKR gained 3 paisas against the UAE Dirham (AED) and the Saudi Riyal (SAR).

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