Rupee continues strong recovery against USD

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rupee US dollar

 

The Pakistani Rupee continued upward trend against the US dollar during the week ending on October 14 as it gained Rs 1.96 or 0.89% to close at Rs 217.96 on Friday compared to the close of Rs 219.92 on the last working day of previous week.

After hitting the all-time high of Rs 239.71 against the greenback on September 22, 2022, the Pak rupee has shown strong recovery of around 9% and has so far gained Rs 21.75.

The analysts say that the robust gain was due to the sentiments ignited by the return of Minister for Finance and Revenue Senator Ishaq Dar, who, after taking over the charge of the ministry, had repeatedly expressed the hope that the Rupee value against dollar would come down under Rs 200.

The analysts also pointed out that the retreat of dollar index against the major international currencies also contributed to the strength of the Pak Rupee. While comparing with other major international currencies, the Pak Rupee also appreciated by 1.02% against Euro and gained Rs 2.2 to close at Rs 213.27 on Friday against the last week’s close of Rs 215.47.

Similarly, the Pak Rupee also recovered 2.44% or four paisa against the Japanese Yen to close at Rs 1.4807 compared to the last Friday’s close of Rs 1.5178.

The Pak rupee, however, lost its value by Rs 1.2 or 0.48% against the British Pound to close at Rs 246.76 when compare to the last week’s close of Rs 245.56—APP

 

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