Pakistani Rupee rises further against the US dollar
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The Pakistani Rupee (PKR) continues to maintain its strength against the US Dollar in the international currency market, staying below Rs. 160 exchange rate and posting gradual improvements every day.
PKR opened the week with mixed results against most major currencies but maintained the exchange rate against the US Dollar under Rs. 160. Tuesday brought gains for PKR against USD, UAE Dirham, and Saudi Riyal as well. Against most other currencies, however, PKR deteriorated to some degree. ------------------------------
Today (February 9), the PKR gained 21 paisas to the US Dollar after gaining 42 paisas on Monday and gaining 19 paisas on Thursday (the last trading day of the previous week), taking the exchange rate below Rs. 160 for the first time since the beginning of the calendar year 2021.
PKR closed at Rs. 159.34 against the USD in the interbank market today, compared to Rs. 159.56 yesterday (February 8) and Rs. 159.98 on Thursday (February 4).
On January 4, 2021 – 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 December 31, 2020 – the last trading day of the previous year. Since then, it has been constantly gaining and losing against the USD, but it remained higher than Rs. 160.
The PKR continued its gaining streak from Thursday against the Euro on Monday but fell on Tuesday. Today’s movement for PKR was 40 paisas loss to the Euro against yesterday’s gain of 6 paisas and Thursday’s substantial gain of 90 paisas.
PKR posted gains against the Great British Pound (GBP) for several days in the last week. However, yesterday and today, PKR lost Rs. 1.34 and 65 paisas to the GBP, respectively, after gaining Rs. 1.56 to the GBP on Thursday.
PKR has shown improvement against the Australian Dollar, but since Thursday, the trend has been downward. On Thursday, PKR lost six paisas to the AUD, compounded with 17 paisas loss yesterday. Today, PKR lost 52 paisas more to the AUD.
The PKR went up by 23 paisas against the Canadian Dollar in the interbank market yesterday after gaining 26 paisas on Thursday. However, today, PKR lost here as well, with 19 paisas against the CAD.
