Pakistani Rupee Makes a Huge Recovery Against All Major Currencies

Industry

Pakistani Rupee (PKR) has been volatile since the beginning of the current week. On Monday, PKR lost against several major currencies in the interbank market, posted blanket gains against all major currencies on Tuesday, and showed mixed results on Wednesday. Today, however, was another good day for the Rupee, with improvement seen against all major currencies.

Against the US Dollar, however, PKR seems to be holding on to its position. PKR gained 25 paisas against the US Dollar (USD) today, after posting a gain of 10 paisas yesterday and gaining 15 paisas the day before, which came after a loss of 4 paisas on the opening day of the week.

PKR closed at Rs. 160.28 to the USD on Thursday (28 January) compared to Rs. 160.53 on Wednesday, which was an improvement upon the exchange rate of Rs. 160.63 on Tuesday. This was an improvement upon Rs. 160.79 on Monday.

Against other major currencies, PKR posted notable gains on Monday but reversed many of those gains on Wednesday. Today, PKR managed to fling towards improvement once again, with blanket gains against all major currencies in the international market.

The biggest fluctuation for PKR came against the Australian Dollar today with an improvement of Rs. 2.03. Yesterday PKR had lost 61 paisas to the AUD after putting gains of 86 paisas on Tuesday and losing 5 paisas on Monday. This is also notable because PKR does not usually fluctuate against the AUD by this degree.

The second notable improvement for PKR was against the GBP, where PKR posted gains of Rs. 1.73. Yesterday, PKR’s highest loss was against GBP with Rs. 1.5 deterioration. On Tuesday, PKR had improved by Rs. 1.42 to the GBP after losing 44 paisas on Monday.

Against the Euro, PKR posted gains of almost a rupee (98 paisas) on Thursday after a loss of 6 paisas yesterday. Tuesday had seen a notable gain of 85 paisas yesterday for PKR against Euro after a nominal gain of 2 paisas on Monday.

Against the Canadian Dollar, PKR improved by Rs. 1.3 today after losing 14 paisas yesterday. On Tuesday, PKR improved by 63 paisas against CAD, adding to Monday’s gain of 12 paisas.

The PKR has gradually been posting losses against both the UAE Dirham (AED) and the Saudi Arabian Riyal (SAR). Monday also saw the same trend but with a negligible loss of one paisa against each. Tuesday, however, saw PKR improve by 4 paisas against both these currencies. On Wednesday, the gains continued with 2 paisas improvement against both the currencies. Thursday pushed it further, with PKR improving by 6 paisas against both AED and SAR.

Source: Propakistani

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