Pakistani Rupee lost 19 paisas against the US Dollar in the interbankcurrency market on Monday.
This comes after the rupee closed with a 14 paisas loss against the USD onFriday, which was a turnaround over Thursday’s 16 paisas gain – the onlytime during the past week when PKR showed notable improvement against thegreenback.
PKR closed at Rs. 160.52 to the USD on Monday (January 18) as compared toRs. 160.33 on Friday.——————————
However, former treasury head at Chase Manhattan Bank, Asad Rizvi,mentioned on Monday that the opening quote for USD tomorrow would be160.50, calling it “Slightly higher” as banks will not receive funds intheir Nostro accounts (i.e., accounts that a bank holds in a foreigncurrency in another bank) as markets in New York are closed today due toMLK day.
Against most other major currencies, PKR has been gaining for the most partsince the beginning of the current calendar year. Monday’s tally continuedthe trend.
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PKR gained 61 paisas to the Euro on Monday after posting a 13 paisas gainon Friday. Against GBP, PKR posted a significant improvement of Rs. 1.52 inthe international currency market on Monday, reversing the loss of 9 paisason Friday, which came after a gain of 58 paisas on Thursday.
Against the Australian Dollar, PKR posted a gain of 83 paisas, adding tothe gain of 20 paisas on Friday. Against the Canadian Dollar, PKR gained 86paisas on the opening day of the week.
