The Pakistani Rupee’s (PKR) fluctuations continue from the previous week’s ups and downs. After posting some gains against the US Dollar (USD) on Friday, PKR once again posted losses today on the opening day of the week.
On Thursday last week, PKR had come close to crossing the Rs. 156 exchange rate, which finally happened today with PKR closing above this boundary at the end of the trading day.
PKR closed at Rs. 156.18 against the USD at the end of the trading day today (Monday, 14 June), down by 44 paisas compared to Rs. 155.74 to the USD on Friday (11 June).
Experts believe that there are payments pressures due to debt servicing and imports pickup, which in turn is happening due to better economic activities and international commodity prices moving upwards.
Against other major currencies, PKR maintained its position and posted some notable gains in the interbank currency market today.
It gained 24 paisas against the Euro and notably improved by 62 paisas against the Pound Sterling (GBP). PKR also appreciated by 38 paisas against the Canadian Dollar (CAD) and by 37 paisas against the Australian Dollar (AUD).
On the other hand, PKR posted losses against the UAE Dirham (AED) and the Saudi Riyal (SAR) and deteriorated by 12 paisas and 11 paisas, respectively.