Monday April 11, 2022

PKR Appreciates Against US Dollar

KARACHI: The Pakistani rupee’s uptrend persisted on Monday as the currency gained 0.96%, or Rs1.75, against the US dollar in the inter-bank market, closing at Rs182.93.

There has been a concern about what would happen if the political conditions don’t normalise, however, following an end to the controversial no-confidence motion drama the currency market reacted positively to the fast-changing political developments.

Analysts and currency dealers believe that much-needed clarity on the political reinvigorated investors’ confidence in riskier assets.

Moreover, the local currency recovered in view of the interest rate hike and the State Bank of Pakistan’s (SBP) measures to cut imports and reduce inflationary pressures

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