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.
Thursday turned out to be another good day for the Rupee, with improvement seen against all major currencies, but on Friday, once again, the results were mixed for PKR.
Against the US Dollar, however, PKR seems to be holding on to its position. PKR gained 18 paisas against the US Dollar (USD) today, after posting a gain of 25 paisas yesterday, 10 paisas the day before, and 15 paisas on Tuesday, which came after a loss of 4 paisas on the opening day of the week.
PKR closed at Rs. 160.10 to the USD on Friday (29 January) compared to Rs. 160.28 on Thursday, which was an improvement on Rs. 160.79 on Monday.
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Against other major currencies, PKR posted notable gains on Monday but reversed many of those gains on Wednesday. Yesterday, PKR managed to fling towards improvement once again, with blanket gains against all major currencies in the international market. Today some of those gains were eroded against the GBP and Australian Dollar.
Yesterday, the biggest fluctuation for PKR came against the Australian Dollar today with an improvement of Rs. 2.03. On Wednesday, 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. Today, PKR posted a loss of 41 paisas against the AUD.
The second notable improvement for PKR yesterday was against the GBP, where PKR posted gains of Rs. 1.73. On Wednesday, 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. Today, PKR lost 41 paisas against the GBP as well.
Against the Euro, PKR posted gains of 11 paisas today after improving by almost a rupee (98 paisas) on Thursday, which came after a loss of 6 paisas on Wednesday. Tuesday had seen a notable gain of 85 paisas for PKR against Euro after a nominal gain of 2 paisas on Monday.
Against the Canadian Dollar, PKR improved by 19 paisas today, adding to an improvement of Rs. 1.3 yesterday. On Wednesday, PKR had lost 14 paisas to the CAD after gaining 63 paisas on Tuesday and 12 paisas on Monday.
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Rupee Gains Further Against Dollar
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. The final day of the week also ended with an improvement note, albeit small, with 4 paisas gain for PKR against both currencies.
