The Pakistani Rupee (PKR) continues to maintain its rally against the USDollar (USD) in the international currency market, staying below the Rs.160 exchange rate and posting gradual improvements every day.
The PKR opened the week with mixed results against most major currenciesbut maintained the exchange rate against the USD under Rs. 160. Tuesdaybrought gains for the PKR against the USD, the UAE Dirham (AED), and theSaudi Arabian Riyal (SAR). However, it deteriorated against most othercurrencies as Wednesday repeated Tuesday’s trend. Thursday, however, sawPKR post blanket gains against all major currencies in the interbank market.——————————
Starting with the US Dollar, PKR gained 23 paisas to the USD today (11February), adding onto the three paisas gains yesterday, 21 paisas gain onTuesday, and 42 paisas improvement on Monday.
This week’s gains come after an improvement of 19 paisas on Thursday (thelast trading day of the previous week), which took the exchange rate belowRs. 160 for the first time since the beginning of the calendar year 2021.
On 4 January – the first trading day of the year – the PKR had closed atRs. 159.97 to the USD, which was down from the exchange rate of Rs. 159.83to the USD on 31 December 2020 – the last trading day of the previous year.Since then, it has been constantly gaining and losing against the USD andremained higher than Rs. 160.
Since last Thursday, PKR has maintained below Rs. 160 exchange rate to theUSD.
The PKR closed at Rs. 159.07 against the USD in the interbank market today,as compared to Rs. 159.30 yesterday (10 February), Rs. 159.34 on Tuesday (9February) and Rs. 159.56 the day before (8 February).
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The PKR continued its gaining streak from Thursday against the Euro onMonday but fell on Tuesday and Wednesday. Today, it rose again. PKRimproved by 43 paisas against the Euro, after falling notably by 97 paisasyesterday, which came after a loss of 40 paisas on Tuesday. This hadfollowed a gain of six paisas on Monday and a substantial gain of 90 paisaslast week on Thursday.
The PKR had posted gains against the Great British Pound (GBP) for most oflast week but had been on a losing streak since the beginning of thecurrent week. It lost Rs. 1.34, 65 paisas, and 98 paisas to the GBP onMonday, Tuesday, and Wednesday, respectively. However, today, the PKRgained 43 paisas to the GBP.
PKR has shown improvement against the Australian Dollar (AUD), but thetrend has been downward since last Thursday. On Thursday, the PKR lost sixpaisas to the AUD, compounded with a loss of 17 paisas on Monday.Additionally, it lost 52 paisas on Tuesday and 47 paisas more yesterday tothe AUD. Today, PKR reversed this losing streak with a gain of 11 paisas aswell.——————————
The PKR went up by 23 paisas against the Canadian Dollar (CAD) in theinterbank market on Monday but lost 19 paisas on Tuesday. Yesterday wasalso a losing day for the PKR against the CAD by 42 paisas. But today, PKRposted an improvement of 11 paisas to the CAD.
PKR has also been posting losses against both the AED and the SAR withinfrequent improvements. However, this week the trend has consistently beenof improvement so far. On Monday and Tuesday, the PKR improved by fivepaisas against both the AED and the SAR. Yesterday PKR appreciated by onepaisa against the AED and less than a paisa against the SAR. Today, it sawgains of 6 paisas against both the currencies.
