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The Pakistani Rupee (PKR) continued with its upward momentum from Friday and posted nominal gains against the US Dollar (USD).
The final trading day of the past week had pulled PKR out of two weeks of deterioration.
The PKR posted 3 paisa gains against the USD, closing at Rs. 154.39 to the USD at the end of the trading day today (Monday, 31 May), as compared to Rs. 154.43 to the USD on Friday (28 May).
Regarding the PKR’s downfall in the previous weeks, dealers believed that there has been a demand for the USD in the market that has dragged the former down.
On the other hand, experts familiar with the matter said that consistent dollar inflows from overseas Pakistanis had helped the Rupee remain steady.
Friday’s improvement may also be attributed to the increase in the reserves held by the State Bank of Pakistan (SBP), as the latest data by the central bank showed.
Against other major currencies, the PKR saw mixed results in the interbank currency market today.
PKR posted a negligible loss of less than a paisa against the Euro. However, the Rupee lost 12 paisas against the Australian Dollar (AUD) and 5 paisas against the Canadian Dollar (CAD).
However, PKR gained notably by 43 paisas against the Pound Sterling (GBP).
The PKR also posted negligible gains against the UAE Dirham (AED) of less than a paisa and posted an improvement of 1 paisa against the Saudi Riyal (SAR) in the international currency market today.
Source: Pro Pakistani