The Pakistani rupee closed at USD to PKR 219.25 on August 25, 2022, but during the first few hours of trading today, it has exceeded the milestone of 219. Some Major affecters or contributor in Pakistani economics are as follows. The Pakistani rupee has maintained its decline mainly due to the strengthening of the US dollar against other major world currencies over the last few days. However, Dollar rate in Pakistan fluctuates almost on daily basis. The US Dollar is often used in trade for international transactions as it is the world's leading reserve currency. The impact of the US Dollar to PKR rates is also significant from the US Dollar are still around 211-219 PKR. It is the authorized currency of the United States and is widely used in trade worldwide. The US Dollar is recognized worldwide as an important currency. The closing rate of USD to PKR was 246 on 1st August 2022 however the current closing rates are 219 Rs in Open Market. The dollar liquidity crisis appears to be easing as imports fell in July, exporters liquidated their positions, and oil prices, as well as those of wheat and cotton, fell in the international market. However, the current positive fluctuation in PKR against the Dollar is caused by many factors that include the interest of international investments in Pakistan, IMF deals, and the import ratio.The announcement that the United Arab Emirates (UAE) intends to invest $1 billion in Pakistani enterprises is the most recent development that has contributed to the rupee's appreciation. GDP causes more variation in the exchange rate than other variables, while the current account causes the least variation in the exchange rate. The rise in the PKR against the USD is being driven by growing optimism about the resumption of a suspended International Monetary Fund (IMF) bailout package later this month, as the government has completed the requirements for the release of $1.17 billion in funds.Ĭhanges in the inflation rate, interest rate, GDP, and current account have an impact on Pakistan's foreign exchange rate.
Why is PKR Fluctuating Against USD this Week? Monthly fluctuation during the last 30 days as follows for USD to PKR: High PKR 240 and Low PKR 213.25 in value, where buying was PKR 219.4 and Selling 219.90
The peak conversion exchange rate of US Dollar to PKR was PKR 219.9 and lowest PKR 215.25 conversion. Weekly performance of USD to PKR shows decrease in value and Pakistani Rupee is down by PKR -4.65 or -2.160%.
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