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Pakistani Rupee Gains Against the US Dollar Third Day in a Row
The Pakistani Rupee (PKR) continues to maintain its strength against the US Dollar (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 of the major currencies but maintained the exchange rate against the USD under Rs. 160. Tuesday brought gains for the PKR against the USD, the UAE Dirham (AED), and the Saudi Arabian Riyal (SAR). However, it deteriorated against most other currencies as Wednesday repeated Tuesday’s trend.
Today (10 February), the PKR gained three paisas to the USD after gaining 21 paisas on Tuesday and 42 paisas on Monday. This week’s gains come after an improvement of 19 paisas on Thursday (the last trading day of the previous week), which took the exchange rate below Rs. 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 at Rs. 159.97 to the USD, which was down from the exchange rate of Rs. 159.83 to 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, and remained higher than Rs. 160.
The PKR closed at Rs. 159.30 against the USD in the interbank market today, as compared to Rs. 159.34 yesterday (9 February) and Rs. 159.56 the day before (8 February).
The PKR continued its gaining streak from Thursday against the Euro on Monday but fell on Tuesday and Wednesday. Today, the PKR fell notably by 97 paisas against the Euro, adding to yesterday’s loss of 40 paisas. This followed a gain of six paisas on Monday and a substantial gain of 90 paisas last week on Thursday.
The PKR had posted gains against the Great British Pound (GBP) for most of last week but has been on a losing streak since the beginning of the current week. It lost Rs. 1.34, 65 paisas, and 98 paisas to the GBP on Monday, Tuesday, and Wednesday respectively. However, on Thursday, the PKR had gained Rs. 1.56 to the GBP.
It has shown improvement against the Australian Dollar (AUD), but the trend has been downward since last Thursday. On Thursday, the PKR lost six paisas to the AUD, compounded with a loss of 17 paisas on Monday. Additionally, it lost 52 paisas yesterday and 47 paisas more today to the AUD.
The PKR went up by 23 paisas against the Canadian Dollar (CAD) in the interbank market on Monday but lost 19 paisas yesterday. Today was also a losing day for the PKR against the CAD by 42 paisas.
It has also been posting losses against both the AED and the SAR with infrequent improvements. However, this week the trend has consistently been of improvement so far. On Monday and Tuesday, the PKR improved by five paisas against both the AED and the SAR. Today’s movement was negligible but positive, with a gain of one paisa against the AED and less than a paisa against the SAR.