Rupee shows even greater gains against U.S. dollar as oil prices begin to decline

Pakistan’s rupee (PKR) continued to rebound against the US dollar (USD) and reported gains in the interbank market today. The local currency won 42 paisas against the US dollar at the close of today’s session.

It appreciated by 0.23 percent compared to the USD and closed at Rs185.62 today after gaining 70 paisas and closed at Rs 186.05 on the interbank market on Saturday, April 23. The national currency hit an intra-daily low of Rs 186.00 against the USD in today’s open market session.

The rupee posted gains against the dollar for the second day in a row, as global oil prices plummeted after COVID-19 testing expanded in China.

The PKR performed well compared to most other major currencies and recorded gains in the interbank market today.

It gained 11 paisas against both the Saudi Riyal (SAR) and the UAE Dirham (AED), 38 paisas against the Canadian Dollar (CAD), and 90 paisas against the Pound Sterling (GBP), and Rs. 1.33 against the Euro (EUR).

On the other hand, it lost one paisa against the Australian dollar (AUD) in the current interbank market.