Pakistani Rupee stabilised against US dollar and UK Pound in interbank market
The final trading day of the week ended with the same trend as the rest of the week with mixed results for the Pakistan Rupee. Against the US Dollar, however, PKR kept its ground.
According to the financial analytics platform Capital Stake, “The Pakistani Rupee remained stable against the USD during the week. MTD [month to date] position showed an addition of 0.42 percent and YTD [ year to date] 3.38 percent”.
Friday (December 18), like Wednesday and Thursday, saw an improvement for PKR against the US Dollar in the interbank market, but today’s improvement was minimal with a gain of only 3 paisas.
PKR closed at Rs. 160.08 to the USD today as compared to Rs. 160.11 yesterday. As compared to last Friday, (December 11), PKR in the week to date has a gain of 0.03 percent or 4.9 paisas.
Against almost all other major currencies, however, PKR posted deterioration, which is also how the rest of the week has seen PKR’s movement. PKR lost 34 paisas to the Euro, piling up on yesterday’s loss of 14 paisas and the day before’s loss of 84 paisas. Against the Australian Dollar, PKR posted a loss of 30 paisas today, adding on 55 paisas and 77 paisas loss earlier in the week.
Against GBP however, Friday saw improvement after steep losses earlier in the week. On Friday, PKR gained 61 pasias to the GBP after losing 66 paisas yesterday and Rs. 3.06 the day before.
Against UAE Dirham and Saudi Riyal, PKR has posted moderate improvements. However, today’s gain was almost negligible with the improvement of less than a paisa. The last two days saw an appreciation of 5 paisas and 7 paisas, respectively, against both currencies on both days.
Last week PKR posted notable gains against the GBP and fluctuated against the USD. This week, while the exchange rate is less volatile against the USD, PKR seemed to be losing strongly to GBP. Friday seems to have reversed that trend a little bit.