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Pakistani rupee nears one-month high against UAE dirham

 

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pakistani rupee, US dollar, UAE dirham

Dubai - The currency has appreciated by 5 per cent since April 7.

By Muzaffar Rizvi

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Published: Wed 22 Apr 2020, 3:24 PM

Last updated: Wed 22 Apr 2020, 5:27 PM

The Pakistani rupee hit an almost one-month high against the US dollar by appreciating to 159.5 (43.46 against the UAE dirham) in the open market on Wednesday.

The Pakistani currency continued its ascent against the greenback and appreciated by Rs1.62 and is currently trading at 159.5 against the US dollar, according to forex dealers.

"The rupee has continued its ascent and has reached 159.5 versus the US dollar, which is the highest level since March 24, 2020. It declined to a level of 167.9 (45.74 versus the UAE dirham) against the greenback on April 7," Samiullah Tariq, head of Research at Karachi-based Arif Habib Limited, told Khaleej Times.

He said the Pakistani currency has appreciated by 5 per cent or Rs8.4 against the US dollar (2.28 versus the dirham) since April 7. However, in the interbank market, the rupee appreciated to 160.36 versus the dollar compared to 161.12 closing on Tuesday.

The Pakistani rupee registered Rs3.57 appreciation in its value against the US dollar in the interbank market on Friday.

The currency dealers said demand for the US dollars is at the lowest level these days.

"There are only few buyers for the US currency in open market or in the interbank market," the forex dealers said.

muzaffarrizvi@khaleejtimes.com




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