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September 30, 2022

Rupee Gains Over Rs. 8 Against US Dollar As ‘Greedy’ Exporters Seek Cover

The Pakistani Rupee (PKR) continued its resounding recovery against the US Dollar (USD) and posted massive gains during intraday trade today for the fifth consecutive day.

The local unit had gained over Rs. 8 against the greenback and was trading at Rs. 220 in the open market at 9:54 AM. This is the second highest intraday gain since yesterday and arguably the second best recovery of all time. Despite today’s gains, the dollar is up by Rs. 32.13 (intraday) against the PKR

The US$ initially gradually lost ground on Friday after the rupee — one of the world’s poorest performing currencies — fell for ten straight sessions and depreciated by about 5 percent.

Experts maintain that the rupee’s drop in the last week of July was not due to demand-and-supply issues, but rather due to draconian pressure from exporters who were anticipating higher profits in the days ahead.

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