Pakistani Rupee bounces back strongly against US dollar
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The Pakistani Rupee (PKR) showed slight improvements against the US Dollar (USD) on the first two days of the current week. Yesterday it posted a moderate loss of eight paisas against the greenback and recovered by almost 4 paisas today.
It closed at Rs. 157.08 against the USD on Wednesday (10 March), up 3.9 paisas compared to Wednesday’s closing of Rs. 157.12 against the USD. ------------------------------
The PKR had consistently improved against the USD for over two weeks and had been appreciating periodically before that.
It continued to march upwards due to the soft importers’ dollar demand, the inflows from remittances, the Roshan Digital Accounts, and exports proceeds.
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The PKR had posted blanket gains against all the major currencies on Monday except against the Canadian Dollar (CAD). However, since then, it has seen a mixed bag of results throughout the week in the interbank currency market. ------------------------------
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On Wednesday, the PKR had gone down by 13 paisas against the Euro and added a steeper loss of almost a rupee today, going down 97 paisas against Euro.
It also went down by 12 paisas against the GBP yesterday and repeated the same today with a loss of 76 paisas loss.
The PKR’s loss against the Australian Dollar (AUD) yesterday clocked in at 13 paisas. Today PKR posted substantial erosion against AUD with Rs. 1.13 loss.
The PKR had gone up by 20 paisas against the Canadian Dollar (CAD) yesterday but posted a loss of 63 paisas today.
PKR posted a gain of two paisas against both the UAE Dirham and the Saudi Riyal (SAR). Today, it did not erode but posted a meager one paisa improvement against AED and less than a paisa improvement against SAR.
