Repeating the trend from last week, the Pakistani Rupee (PKR) opened the week with almost a blanket loss against most of the major currencies in the international currency market.
The PKR had turned the tide on Tuesday with blanket gains, but Wednesday had brought mixed results for it, while Thursday had it improve against all the major currencies except for a moderate loss against the Australian Dollar (AUD).
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Last week, the PKR had lost against several major currencies in the interbank market on the opening day of the week before posting its recovery in the following days. It seems to be following the same trajectory this week.
Today (February 4), the PKR gained 19 paisas to the US Dollar after losing two paisas on Wednesday, gaining six paisas on Tuesday, and losing 12 paisas on Monday.
It closed at Rs. 159.98 against the USD, compared to Rs. 160.18 to the USD on Thursday (February 4), which was down from Rs. 160.15 to the USD on Tuesday and was an improvement upon Rs. 160.22 to the USD on Monday. This is the first time since the beginning of the current calendar year that the PKR has broken the barrier of Rs. 160 against the greenback.
On January 4, 2021 – the first trading day of the year – the PKR had closed at Rs. 159.97 to the USD, which was downward from the exchange rate of Rs. 159.83 to the USD on December 31, 2020 – the last trading day of the previous year. Since then, it had been gaining and losing constantly against the USD, but it remained higher than Rs. 160.
The PKR continued its gaining streak from yesterday against the Euro. Today’s gain against the Euro was substantial at 90 paisas, adding to yesterday’s gain of 59 paisas, and Tuesday’s gain of 60 paisas. However, on Monday, it had posted a loss of 16 paisas against the Euro.
It has been posting gains against the Great British Pound (GBP) as well, for three consecutive days. Today, it improved by Rs. 1.56 to the GBP after yesterday’s gain of 41 paisas and 65 paisas gain on Tuesday. This came after a deterioration of 82 paisas on Monday.
The only improvement for the PKR on Monday was against the AUD, which is the only loss for the PKR today. For the past three days, it had continued improving against the AUD, with 11 paisas, 24 paisas, and 12 paisas on Monday, Tuesday, and Wednesday, respectively. Today, however, the PKR lost six paisas to the AUD.
The PKR went up by 26 paisas against the Canadian Dollar in the interbank market today after dipping by 21 paisas yesterday. This came after Tuesday’s gain of 11 paisas and Monday’s loss of 74 paisas.
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It has also been posting losses against both the UAE Dirham (AED) and the Saudi Arabian Riyal (SAR) with infrequent improvements. Monday had brought the same trend with a loss of three paisas against both the currencies. Tuesday had a slight improvement in the exchange rate for the PKR with a gain of 1.7 paisas against both the AED and the SAR. However, Wednesday brought a repeat of the PKR’s losing trend but with a negligible downward movement of less than a paisa against both currencies. Today, PKR gained by five paisas against them both.
