Pakistani rupee reaches a five-month high against UAE dirham and US Dollar
The currency will further strengthen in the coming weeks.
The Pakistani currency has reached a five-month high against the UAE dirham and the US Dollar. The progress was seen after a significant increase in foreign funds was witnessed.
After a gain of 5.2 percent, the rupee rose to 154.7 on Sunday, highest since June 2019. Likewise, the rupee has also gained 5.1 percent versus dirham since June, as it reached 42.1 from a previous 44.5 over the weekend.
The director of research at Karachi-based Arif Habib Limited, Samiullah Tariq, said that the rupee was trading at its highest against the greenback since June 14, 2019.
“Rupee closed at 155.07/US dollar in the interbank market, appreciating by 3.1 percent. The bid for dollar closed at 154.87, breaching the psychological level of PKR155 and surged to five-month high,” Tariq said in a note.
On Sunday, he rupee was trading at 41.9 versus dirham and 154.65 versus the greenback in the open market. This is not it! Pakistani currency is expected to further strengthen in the upcoming weeks because of increased foreign funds inflow. Market sources estimate that the rupee will strengthen to 154.5 in the upcoming weeks.
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