Rupee Reverses Losses With Big Gains Against All Major Currencies

Today, the Pakistani Rupee (PKR) turned its direction in the interbank currency market once again and posted notable gains against the US Dollar (USD).

The rupee had opened the week with a deterioration of nearly 60 paisas, but reversed some of its losses by posting gains of 47 paisas today (Tuesday, 29 June).

It posted an improvement against the USD today, breaching the Rs. 158 mark to close below it this time at Rs. 157.74 against the USD as compared to Rs. 158.21 yesterday (Monday, 28 June).

Asad Rizvi, the former Treasury Head at the Chase Manhattan Bank, said earlier in the day, “As per expectation Rupee came under pressure after the FATF disappointed [by keeping Pakistan in grey list], but focus will soon shift towards economy”.

He tweeted: “Signing of 3-years GOP/IITFC of $4.5 billion Oil Products will support [PKR]. Focus will tilt towards Eid remittances, ” and added that exporters should book profit.

The PKR also posted blanket gains against other major currencies after posting blanket losses yesterday. It appreciated by Rs. 1.2 against the Euro, significantly by Rs. 2.06 against the Pound Sterling (GBP), by Rs. 1.25 against the Australian Dollar (AUD), and by 1.21 against the Canadian Dollar (CAD).

It also posted gains against the UAE Dirham (AED) and the Saudi Riyal (SAR), and gained 12.9 paisas and 12.7 paisas respectively.

Source: Pro Pakistani