Pakistani Rupee recovers against US dollar in interbank market

Pakistani Rupee recovers against US dollar in interbank market

The Pakistani Rupee held its ground for the second consecutive day against the US Dollar after witnessing a drop on Monday.

PKR closed with a gain of 13 paisas to the greenback, piling up on yesterday’s gain of 3 paisas, trading at Rs. 160.54 against the USD on Wednesday (December 23) as compared to Rs. 160.67 on Tuesday

However, this two-day recovery still falls short of the 62 paisas drop that the PKR experienced against the USD in the interbank market on Monday.

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Against other major currencies, PKR gained 6 paisas to the Euro after losing almost 12 paisas yesterday. Against the GBP, PKR reversed its losing streak by gaining 46 paisas to the GBP on Wednesday. This reversal comes after the notable loss of Rs 2.48 yesterday, which itself was a shocking turn of events after PKR posted whopping gains of Rs. 3.5 against the GBP on Monday.

A.A.H Soomro, Managing Director at Khadim Ali Shah Bukhari Securities, while commenting on the Rupee said, “These are minor panic, less volatility, and are likely to remain in similar ranges in short term. No macro-risks are imminent. Tight range Rs. 160-ish to continue.”