Pakistani rupee has continued its upward trend against the US dollar. It gained 0.89% in value at the end of the week ending on October 14. The exchange rate for the rupee against the dollar stood at PKR 217.96 after a gain of PKR 1.96 by the rupee on Friday.

The Pakistani rupee hit an all-time high against the greenback on September 22, 2022, when it lost its value and reached a low of PKR 239.71. Since then it has recovered its value by 9% thanks to a strong rally in which it recovered PKR 21.75 in value.

According to exchange rate analysts, robust gains made by the rupee were possible because of the positive reaction of the market triggered by the return of Minister for Finance and Revenue Senator Ishaq Dar. Dar after taking over the ministry expressed his strong hope that the rupee will recover its lost value. He said that the rupee will come down to below PKR 200 against the dollar.

The analysts also said that the rupee was able to gain in value because of the slump in the value of the dollar against major international currencies. Pakistani rupee had also appreciated 1.02% against the Euro where it gained PKR 2.2 to close at PKR 213.27 on Friday against the last week’s close of PKR 215.47.

Against the Japanese Yen, the rupee recovered 2.44% or four paisas. It closed at PKR 1.4807 as compared to the last Friday’s close of PKR 1.5178. The Pakistani rupee, however, lost its value by PKR 1.2 or 0.48% against the British Pound to close at PKR 246.76 when compared to the last week’s close of PKR 245.56.

Credit : Independent News Pakistan-WealthPk