Islamabad: In the interbank market, the Pakistan Rupee (PKR) continued to rise against the US Dollar (USD). The rupee has gained ground against the greenback for the sixth day in a row.

Read more: US dollar is strengthening against Pakistani rupee

In the interbank currency market today, the rupee gained 20 paisas against the dollar, closing at Rs. 153.0399 to the dollar at the end of the trading day today (Wednesday, 5 May), up from Rs. 153.24 on Tuesday (4 May).

Traders are favoring going long on the rupee, according to market analysts, owing to hopes of higher remittances and Ramazan-related inflows.

The rupee was strengthening due to inflows of Eid-related remittances, according to a trader. He explained that for Eid celebrations, Pakistanis living abroad send money to their relatives.

Read more: Rupee undergoes major losses against main currencies

The Pakistani Rupee had a good day in the interbank currency market against other major currencies as well. PKR gained against all currencies, with the exception of the Pound Sterling (GBP), which lost 13 paisas today, as it did yesterday.

The Pakistani rupee gained 62 paisas against the Euro, 30 paisas against the Australian Dollar (AUD), and 4 paisas against the Canadian Dollar (CAD) (CAD).

In the interbank sector today, the PKR appreciated by 5 paisas against the UAE Dirham (AED) and the Saudi Riyal (SAR).

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