Pakistani Rupee Rises to Its Highest Value in 3 Months
Since last Thursday, the PKR has maintained an exchange rate of below Rs. 160 to the USD. Currently, the USD at the interbank rate is almost at a three-month low. Previously, on 15 November 2020, the USD had been at Rs. 158.31.
The Pakistani Rupee (PKR) managed to maintain its rally against the US Dollar (USD) in the international currency market this entire week while staying below the Rs. 160 exchange rate and posting gradual improvements every day.
It opened the week with mixed results against most major currencies but maintained the exchange rate against the USD under Rs. 160. Although Tuesday had brought gains for the PKR against the USD, the UAE Dirham (AED), and the Saudi Arabian Riyal (SAR), it had deteriorated against most other currencies as Wednesday had had a repeat of Tuesday’s trend.
Thursday and Friday saw the PKR post blanket gains against all the major currencies in the interbank market, with the most significant increase against the Great British Pound (GBP) by a little more than a rupee today.
Starting with the USD, the PKR gained 25 paisas to the USD today (12 February), adding on to the gain of 23 paisas yesterday, three paisas on Wednesday, 21 paisas on Tuesday, and 42 paisas on Monday.
This week’s gains also followed the improvement of 19 paisas on Thursday (the last trading day of the previous week), which dropped the exchange rate below Rs. 160 for the first time since the beginning of the calendar year 2021.
On 4 January (the first trading day of the year), the PKR had closed at Rs. 159.97 to the USD, which was down from the exchange rate of Rs. 159.83 to the USD on 31 December 2020 (the last trading day of 2020). Since then, it has been constantly gaining and losing against the USD and has remained higher than Rs. 160.
Today, the PKR opened with Thursday’s exchange rate of Rs. 159.07 against the USD in the interbank market and closed with Rs. 158.81 on Friday (12 February). Previously, it had traded at 159.30 on Wednesday, Rs. 159.34 on Tuesday (9 February) and Rs. 159.56 on Monday (8 February).
The PKR continued its gaining streak from last Thursday against the Euro on Monday, but fell on Tuesday and Wednesday. Yesterday and today, it rose again, and improved by 56 paisas against the Euro today after posting a gain of 43 paisas yesterday. This came after the PKR had fallen notably by 97 paisas on Wednesday and had had a loss of 40 paisas on Tuesday. This had also followed a gain of six paisas on Monday and a substantial gain of 90 paisas last week on Thursday.
The PKR had posted gains against the GBP for most of last week but had been on a losing streak first three days of the current week. It had lost Rs. 1.34, 65 paisas, and 98 paisas to the GBP on Monday, Tuesday, and Wednesday, respectively. However, yesterday and today, the it had gained 43 paisas and Rs. 1.01 to the GBP, respectively.
The PKR has shown improvement against the Australian Dollar (AUD) but the trend has been downward since last Thursday until this Wednesday. Last Thursday, the PKR had lost six paisas to the AUD, compounded with a loss of 17 paisas on Monday. Additionally, it had lost 52 paisas on Tuesday and 47 paisas more on Wednesday to the AUD. Yesterday, the PKR reversed this losing streak with a gain of 11 paisas, and added an improvement of 48 paisas against the AUD today.
The PKR went up by 23 paisas against the Canadian Dollar (CAD) in the interbank market on Monday but lost 19 paisas on Tuesday. Although Wednesday had also been a losing day for the PKR against the CAD by 42 paisas, it had posted an improvement of 11 paisas to the CAD yesterday. Today, the improvement trend for the PKR continued with a notable gain of 80 paisas.
PKR has also been posting losses against both the AED and the SAR with infrequent improvements. However, this week, the trend has consistently been one of improvement. On Monday and Tuesday, the PKR had improved by five paisas against both the AED and the SAR. On Wednesday, the PKR had appreciated by one paisa against the AED and less than a paisa against the SAR but saw gains of 6 paisas against both currencies yesterday and today.
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