Sunday 29 / December / 2024
Muscat: The Pakistani Rupee (PKR), which fell to an all-time low on Thursday at PKR162 against the US dollar, has recovered and is now trading at PKR158.5.
The currency appreciated on Friday and will remain stable until the Forex market reopens, according to the Sultanate’s exchange house heads.
The currency, which was trading against a single Omani Rial at PKR376 last month, drastically depreciated and traded close to PKR420 on Friday.
However, as of Saturday, it is trading against a single OMR at PKR406.5 and is touted to remain stable until Monday.
"PKR, which was at its all time low, depreciated and closed at PKR162 against USD on Thursday. However, on Friday, the currency gained strength against the dollar and closed at PKR158.5,” the General Manager at Mustafa Sultan Exchange, P.K. Subudhi, said.
"The exchange rate against a single OMR depends on your dollar cost. Therefore, on Thursday, PKR was hovering around 420 against one OMR," Subudhi added.
He continued by saying that it is very "difficult to predict at this stage whether PKR is going to recover any further as the Forex market is closed until Monday."
Another expert from the Oman-UAE exchange said that the PKR is currently trading at 406.5 against a single Omani rial and will continue to do so until the market reopens.
“As of Saturday, against the OMR, the PKR stood and traded at PKR406.5 which was previously trading between PKR415 to PKR420 until Friday,” the expert said.
Previously, the CEO of the Oman-UAE Exchange, Boban M.P., said that PKR fell sharply on Thursday and traded an all time low at PKR162.
"PKR fell sharply against the US dollar on account of huge demand for dollar at this time of year end. The inadequate supply of dollar against this huge demand created a complete demand and supply mismatch.
"The currency has been consistently falling due to growing trade deficit and falling foreign exchange reserves. Central bank also could not support the rupee due to dwindling reserves," Boban said.
