The previous week had brought consistent improvements for the Pakistani Rupee (PKR) against the US Dollar (USD). The closing day last week had set it on an improvement momentum against all the major currencies, which has continued to the opening day of the current week.
On Friday (26 February), the PKR had crossed its peak limit of Rs. 158.31 to the USD on 17 November 2020 by jumping 36 paisas to the USD in the interbank market today, closing at Rs. 158.10 to the greenback.
Today (1 March), the change was less significant for the PKR, but it still showed an improvement of six paisas and closed at Rs. 158.03 to the USD in the interbank market.
Part of this consistent improvement is due to the inflow of foreign exchange through the Roshan Digital Accounts (RDAs). According to the latest figures released by the State Bank of Pakistan (SBP), Pakistan has received $554 million over five months from the RDAs, with 57 percent of the remittances ($316 million) from Saudi Arabia and the UAE.
Today, PKR also increased against the Great British Pound (GBP), but the movement was only of two paisas.
Friday had brought a notable rise of Rs. 2.64 for the PKR against the Australian Dollar (AUD), which was compounded today when it gained Rs. 1.49 more against the AUD.
After posting losses throughout the last week, it had improved by Rs. 1.2 against the CAD on Friday, and took the improvement further by 94 paisas today.
The movement of the PKR against the Emirati Dirham (AED) and the Saudi Arabian Riyal (SAR) had been positive throughout the last week, with the closing day bringing individual gains of nine paisas against both the currencies on Friday. On Monday, the PKR improved again but with minimal gains of 1.7 paisas and 1.8 paisas against the AED and the SAR respectively.