Today, the Pakistani Rupee (PKR) turned its direction in the interbank currency market once again and posted notable gains against the US Dollar (USD).
The rupee had opened the week with a deterioration of nearly 60 paisas, but reversed some of its losses by posting gains of 47 paisas today (Tuesday, 29 June).
ALSO READ
Rupee Restarts Losing Streak Against the US Dollar With Another Big Dip
It posted an improvement against the USD today, breaching the Rs. 158 mark to close below it this time at Rs. 157.74 against the USDĀ as compared to Rs. 158.21 yesterday (Monday, 28 June).
Asad Rizvi, the former Treasury Head at the Chase Manhattan Bank, said earlier in the day, āAs per expectation Rupee came under pressure after the FATF disappointed [by keeping Pakistan in grey list], but focus will soon shift towards economyā.
He tweeted: āSigning of 3-years GOP/IITFC of $4.5 billion Oil Products will support [PKR]. Focus will tilt towards Eid remittances, ā and added that exporters should book profit.
The PKR also posted blanket gains against other major currencies after posting blanket losses yesterday. It appreciated by Rs. 1.2 against the Euro, significantly by Rs. 2.06 against the Pound Sterling (GBP), by Rs. 1.25 against the Australian Dollar (AUD), and by 1.21 against the Canadian Dollar (CAD).
ALSO READ
For the First Time in Weeks, Rupee Improves Against US Dollar Two Days in A Row
It also posted gains against the UAE Dirham (AED) and the Saudi Riyal (SAR), and gained 12.9 paisas and 12.7 paisas respectively.
