Pakistani Rupee bounces back against the US dollar and British Pound
Pakistani Rupee posted a gain of 19 paisas against the US Dollar today. This shift came after a loss of 18 paisas, 15 paisas, and 1 paisa on Monday, Tuesday, and Wednesday, respectively.
PKR closed at 160.28 on Thursday (December 10) as compared to 160.48 on Wednesday (December 9).
The last two weeks have seen volatility in the PKR-USD parity. However, since the beginning of the current week, PKR has been nominally losing. Nevertheless, this change has not come as a surprise to analysts who predicted such trends in PKR’s exchange rate to the US Dollar. ------------------------------
The demand for the US Dollar is there as importers are coming to the market to meet their payment obligations.
On the side of other major currencies, PKR also posted a turn against GBP. After almost a whole rupee loss against the GBP on Wednesday, PKR gained Rs. 1.7 on Thursday. The beginning of the current week has seen PKR deteriorate against most major currencies, albeit at a different pace from day-to-day. Today, the loss for PKR against the Euro was 66 paisas, but it gained 18 paisas to the Canadian Dollar. Against Saudi Riyal and UAE Dirham, PKR lost 5 paisas each.