Rupee continues to keep fighting against the United States Dollar as the Pakistani currency goes down Rs170 against the Dollar after a week long bout. Currently, the Pakistani Rupee is being traded at the mark of 169 in the intraday market.
Rupee fightback against the Dollar started on October 26 when the Rupee price was at the mark of Rs 175. But since then, Rupee has started to punch down the bearish trend and started to recover its value. For a straight one week, Rupee managed to fight and appreciate against the Dollar.
Finance experts and traders say that this is all because of the positive market sentiments which were set up after the announcement of Saudi Arabia financial support to Pakistan and also the option of deferred payment for the petroleum supplies. Prime Minister Imran Khan also thanked crown prince Mohammad bin Salman for helping Pakistan in the time of crisis.
Other than financial support from the Saudi Kingdom, Shukat Tarin, Adviser to Prime Minister on Revenue and Finance broke the news that deal with the IMF for a financial loan will be signed this week. This news was significant for the market and the value of the PKR started to jump up after good support was observed in the technical indicators of the market.
This past week was absolutely crucial for Pakistan as the agreement was reached between the government and the banned outfit Tehreek e Labbaik Pakistan (TLP). After the clearance of the roads, the market witnessed a surge in stock market points as well as the Rupee battle against the Dollar.
All these positive trends helped to create a support level for PKR to strengthen after weeks of facing punching down by the Dollar.