The Pakistani Rupee (PKR) opened the week with a slight improvement against the US Dollar (USD).
It was closed at Rs. 157.03 against the USD on Tuesday (9 March), up by around 4 paisas as compared to Monday’s closing of Rs. 157.07.
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The PKR has consistently improved against the USD for over two weeks and had been appreciating periodically before that.
It continued to march upwards due to the soft importers’ dollar demand and the inflows from remittances, the Roshan Digital Accounts, and export proceeds.
The appreciation in the PKR will have a double-edged impact on Pakistan. On the positive side, the fall in the USD will help reduce the debt burden with this decline, and it is also likely to lead to a decline in imported inflation. Conversely, exports may become relatively uncompetitive in pricing.
The PKR had posted blanket gains against all the major currencies on Monday except against the Canadian Dollar (CAD). However, Tuesday brought a mixed bag of results for the PKR in the interbank currency market.
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On Monday, the PKR had posted a notable gain of 83 paisas against the Euro but was down by 26 paisas today.
The PKR had gone up by 30 paisas against the GBP yesterday but reversed the trend with a loss of Rs. 1.09 today.
Monday’s gains for the PKR against the Australian Dollar (AUD) had clocked in at 17 paisas. Today, the PKR went down by 60 paisas against it.
The PKR went down by a loss of 13 paisas against the CAD yesterday and deepened it by losing 49 paisas today.
It had improved by one paisa against both the UAE Dirham (AED) and the Saudi Riyal (SAR) on Monday. Today, it posted a gain of one paisa against the AED, and a gain of less than a paisa against the SAR.
