Pakistani Rupee bounces back against the US dollar
The tide has turned for the Pakistani Rupee (PKR) on the final trading day of the week after four continuous days of deterioration against the US Dollar (USD). ------------------------------
The PKR posted a substantial improvement of 40 paisas against the USD, closing at Rs. 154.43 to the USD at the end of the trading day today (Friday, 28 May), as compared to Rs. 154.83 to the USD on Thursday (27 May).
It had followed the same trajectory throughout the previous week, with four days of constant losses and an improvement on the final trading day of the week.
On a weekly comparison, the PKR lost nearly 0.7 percent (Rs. 1.08) to the greenback in total, while its deterioration was nearly 0.64 percent (Rs. 0.98) on a monthly basis, according to investment analytics platform Capital Stake.
On a year-to-date comparison, however, the PKR is still strong, with an appreciation of nearly 3.38 percent (Rs. 5.4) to the USD for over one year.