The middle of the week has shown mixed results for the Pakistan Rupee in the interbank market, with both Wednesday and Thursday seeing an improvement for PKR against the US Dollar, but deterioration against other major currencies.
PKR gained 28 paisas to the USD in the international currency market today (December 17), improving upon yesterday’s gain of 19 paisas. PKR closed at Rs. 160.11 to the USD today as compared to Rs. 160.39 yesterday.
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However, the streak of deterioration of the PKR against other major currencies seems to remain consistent throughout this week, where PKR lost 14 paisas to the Euro, piling up on yesterday’s loss of 84 paisas. Likewise, against the GBP, today’s loss for PKR stood at 66 paisas after yesterday’s steep fall of Rs. 3.06. PKR posted a loss of 55 paisas against the Australian Dollar today, adding on to the 77 paisas loss the day before.
The only improvements for PKR, other than against the USD, remained for UAE Dirham and Saudi Riyal, against which PKR posted gains of 5 paisas and 7 paisas, respectively, on both days.
Last week saw PKR post notable gains against the GBP and fluctuate against the USD. This week, while the exchange rate is less volatile against the USD, PKR seems to be losing strongly to GBP.
According to the dealers, the local currency has gained ground due to low dollar demand from importers for payments. The news of repayment of Saudi loans also eased panic in the market, providing support to the rupee.
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