Pakistani Rupee posts minor losses against US dollar

Pakistani Rupee posts minor losses against US dollar

The Pakistani Rupee (PKR) showed slight improvements against the US Dollar (USD) on the first two days of the current week. On Wednesday, it posted a moderate loss of eight paisas against the greenback and recovered by almost 4 paisas yesterday. The end of the week brought downward movement for PKR again, where it lost 5 paisas to the USD.

It closed at Rs. 157.13 against the USD on Friday (12 March), down 5 paisas compared to Thursday’s closing of Rs. 157.08 against the USD. ------------------------------

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The PKR had consistently improved against the USD for over two weeks and had been appreciating periodically before that. This week, however, PKR has seen fluctuations against the USD, although it managed to remain below Rs. 158 exchange rate.

PKR’s recent appreciation may be attributed to the soft importers’ dollar demand, the inflows from remittances, the Roshan Digital Accounts, and export proceeds.

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 Thursday, the PKR had gone down by 97 paisas against the Euro. However, today, it posted an improvement of 37 paisas.

It also went down by 76 paisas against the Pound Sterling yesterday. Today, PKR posted a negligible gain of less than a paisa against the GBP.

The PKR’s loss against the Australian Dollar (AUD) yesterday clocked in at Rs. 1.13. Today brought an improvement of 44 paisas for PKR against AUD.

The PKR had gone down by 63 paisas against the Canadian Dollar (CAD) and repeated the movement with a loss of 25 paisas today.

Yesterday, PKR posted a meager one paisa improvement against the UAE Dirham and less than a paisa improvement against Saudi Riyal. Today, it lost 1 paisa each to both the currencies in the interbank market.