PKR gains 63 paisa in intraday

MG News | December 30, 2021 at 01:24 PM GMT+05:00

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December 30, 2021 (MLN): Snapping its long losing streak, the Pakistani Rupee has gained 63 paisa as the currency improved to PKR 177.61 against the US dollar[1:23 PST] during the intraday trade at the interbank session mainly due to a drop in dollar demand.

Speaking to Mettis Global, Malik Bostan, President Forex Association of Pakistan said that this appreciation can be attributed to the approval of the State Bank's autonomy bill by the cabinet.

Moreover, the year-end payment settlements have also dipped the demand for dollars in the interbank market, he added.

However, the rupee may join back its downward trend at the beginning of the new year as the government has to pay huge import bills.

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