Rupee Posts Blanket Gains Against All Major Currencies - Pakistan News Digest - Pakistan News Digest

Rupee Posts Blanket Gains Against All Major Currencies - Pakistan News Digest

Rupee Posts Blanket Gains Against All Major Currencies

The Pakistani Rupee (PKR) continues to maintain its rally 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 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. Thursday, however, saw PKR post blanket gains against all major currencies in the interbank market.

Starting with the US Dollar, PKR gained 23 paisas to the USD today (11 February), adding onto the three paisas gains yesterday, 21 paisas gain on Tuesday, and 42 paisas improvement 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.

Since last Thursday, PKR has maintained below Rs. 160 exchange rate to the USD.

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 (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, it rose again. PKR improved by 43 paisas against the Euro, after falling notably by 97 paisas yesterday, which came after a loss of 40 paisas on Tuesday. This had 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 had 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, today, the PKR gained 43 paisas to the GBP.

PKR 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 on Tuesday and 47 paisas more yesterday to the AUD. Today, PKR reversed this losing streak with a gain of 11 paisas as well.

The PKR went up by 23 paisas against the Canadian Dollar (CAD) in the interbank market on Monday but lost 19 paisas on Tuesday. Yesterday was also a losing day for the PKR against the CAD by 42 paisas. But today, PKR posted an improvement of 11 paisas to the CAD.

PKR 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. Yesterday PKR appreciated by one paisa against the AED and less than a paisa against the SAR. Today, it saw gains of 6 paisas against both the currencies.

Source: Propakistani

   

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