Pak rupee jumps by Rs1.51 against US Dollar

KARACHI: The rupee appreciated by Rs1.51 against the United States (US) dollar in the interbank market at the start of day’s trading, ARY News reported.

According to forex dealers, the Pakistan Rupee (PKR) edges up against the greenback at the interbank by Rs 1.51.

The US Dollar is being traded in the interbank market at around 160.10 rupees.

Last week, the Pakistani rupee registered Rs3.57 appreciation in its value against the US dollar in the interbank market.

Meanwhile, Asian stocks rose to a seven-week high on Thursday, boosted by encouraging early results from a COVID-19 treatment trial, though bonds and currencies stuck to cautious ranges ahead of a European Central Bank meeting later in the day.

Japan’s Nikkei .N225 jumped 2.8% to a seven-week high and Australia’s ASX 200 rose 2.7%, with the mood further supported by South Korea reporting no new domestic coronavirus cases for the first time since its Feb. 29 peak.

More caution was evident in other asset classes, with the U.S. dollar firm and U.S. Treasuries steady.

Markets have been excited by the prospect of a COVID-19 treatment because it may help economies emerge from lockdowns.