Pakistani Rupee recovers against greenback, as US Dollar drops globally
- As per details, the USD is currently trading at Rs166.60 against the PKR at the interbank forex market, informed currency dealers.
The Pakistani rupee recovered its value by 50 paisas against the US dollar during intraday trading on Monday.
As per details, the USD is currently trading at Rs166.60 against the PKR at the interbank forex market, informed currency dealers.
The drop in greenback value comes as the currency was poised to register a fourth straight monthly drop on Monday as investors bet on U.S. rates staying low for longer.
Federal Reserve Chair Jerome Powell last week outlined an accommodative shift in the central bank’s approach to inflation has weighed on the greenback as investors interpreted it as meaning rates would stay lower for longer.
Against a basket of currencies the dollar drifted higher to 92.310 in Asia but is down 1.2percent for the month. If sustained that would be its worst August in five years and make for the longest run of monthly losses since the summer of 2017.
“It seems clear to us that we are at the start of a multi-year period of dollar decline, from very elevated levels,” said Societe Generale strategists Kit Juckes and Olivier Korber.
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