Repeating the trend from last week, the Pakistani Rupee (PKR) opened the week with an almost blanket loss against most major currencies in the international currency market, turning the tide on Tuesday with blanket gains. Wednesday saw mixed results for PKR.
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Last week, PKR had lost against several major currencies in the interbank market on the opening day of the week before posting recovery in the following days. This week as well, PKR seems to be following the same trajectory.
Today (February 3), PKR lost 2 paisas to the US Dollar after gaining 6 paisas yesterday and losing 12 paisas on Monday. PKR closed at Rs. 160.18 against the USD compared to Rs. 160.15 on Tuesday (February 2), which was an improvement upon Rs. 160.22 to the USD on Monday.
Against the Euro, PKR continued its gaining streak from yesterday. Today’s gain for PKR against Euro was 59 paisas, adding to yesterday’s gain of 60 paisas, which came as a sharp reversal from Monday’s loss of 16 paisas.
Against GBP, PKR posted gains for two days straight, by improving 41 paisas today after a 65 paisas gain on Tuesday. This came after deteriorating by 82 paisas on Monday.
The only improvement for PKR on Monday was against the AUD, and PKR had continued that streak the third day of the week as well. Today PKR posted gains of 12 paisas against the AUD, adding to yesterday’s improvement of 24 paisas and Monday’s gain of 11 paisas.
Against the Canadian Dollar, however, PKR went down today by 21 paisas. This comes after yesterday’s gain of 11 paisas and Monday’s loss of 74 paisas.
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Rupee Begins the Week With Big Losses Against All Currencies
PKR has been posting losses against both the UAE Dirham (AED) and the Saudi Arabian Riyal (SAR). Monday also saw the same trend with a loss of 3 paisas against each. Tuesday saw a slight improvement in the exchange rate for the PKR with 1.7 paisas gain against both AED and SAR. Wednesday repeated the losing trend, but with a negligible downward movement for PKR of less than a paisa against both currencies.
