Pakistani Rupee Ends the Week With Another Huge Drop Against the GBP

The Pakistani Rupee held its ground for the third consecutive day against the US Dollar after witnessing a drop on Monday.

PKR closed with a gain of 22 paisas on Thursday against the greenback, piling up on the gain of 13 paisas yesterday and Tuesday’s gain of 3 paisas. PKR closed at Rs. 160.31 today (December 24) against the USD as compared to Rs. 160.54 on Wednesday.

However, this three-day recovery still falls short of the 62 paisas drop that the PKR experienced against the USD in the interbank market on Monday.

Against other major currencies, PKR lost 13 paisas to the Euro after posting a gain of 6 paisas yesterday. PKR also lost 45 paisas and 22 paisas to the Australian Dollar and Canadian Dollar, respectively. Against UAE Dirham and Saudi Riyal PKR’s exchange rate improved by 6 paisas each.

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Against the GBP, however, PKR is showing extreme volatility. Today, the direction of this fluctuation was towards the losing side with a loss of Rs. 2.34 against the GBP. Yesterday PKR had gained 46 paisas after losing Rs 2.48 on Tuesday. On Monday, PKR gained Rs. 3.5 against the GBP.

A.A.H Soomro, Managing Director at Khadim Ali Shah Bukhari Securities, commenting on the Rupee, said,

These are minor panic, less volatility, and are likely to remain in similar ranges in short term. No macro-risks are imminent. Tight range Rs. 160-ish to continue.