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US Dollar registers decline against PKR in interbank market

KARACHI: The United States Dollar (USD) declined against the Pakistani Rupee (PKR) on Wednesday with a decrease of Rs0.40 in value in the interbank market, ARY News reported.

The greenback is currently being traded at Rs166.30, Forex dealers told.

Read More: US Dollar reaches Rs166 in interbank market

The USD on Friday touched the highest mark against the Pakistani rupee in the interbank market and closed at Rs168.

It is pertinent to mention here that during the past week, the USD gained 6.87 rupees against the Pakistani Rupee, one of the steepest inclines since the coronavirus pandemic came to the forefront.

The USD climbed against a swathe of currencies yesterday amid fiscal year-end demand by Japanese firms while the Australian dollar slipped despite a Chinese survey showing manufacturing returned to growth in March.

Read More: Dollar surges on quarter-end flows; outlook robust

Tuesday is the last trading day of Japan’s fiscal year and the end of the quarter for major investors elsewhere, which has fuelled some volatility as big currency market players closed their books. The bulk of those positioning changes caused the dollar to strengthen.

“The talk is Japanese names are short of dollars, which is likely to keep the dollar bid well into London time,” said Yukio Ishizuki, FX strategist at Daiwa Securities in Tokyo.

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