The Pakistani rupee (PKR) turned the losing tide in the interbank market with a substantial improvement of Rs. 1.09 against the US Dollar (USD) on the first trading day of the week while cutting through the Rs. 162 boundary and closing below it.
The PKR had been on a losing streak since the beginning of the current fiscal year and breached the Rs. 162 mark last week after the Eid ul Adha holidays.
The PKR improved to Rs. 161.229 against the USD. It traded between Rs. 160.81 and Rs. 161.09 today before closing at Rs. 161.22 to the USD (26 July) up from Friday’s (23 July) exchange rate of Rs. 162.32 to the USD.
Asad Rizvi, the former Treasury Head at the Chase Manhattan Bank, said earlier in the day, “Choppy condition could persist, as some portion of payments could be outstanding but we could see stable Rupee from this week onwards, as M/E market is back to work”.
He added, “Flow of Remittances will gradually start to pick up. Hence, we are somewhere near the bottom”.
The PKR also posted blanket improvements against the other major currencies in the interbank market. It improved notably by Rs. 1.33 against the Euro, 96 paisas against the British Pound (GBP), Rs. 1.24 against the Australian Dollar (AUD), and 93 paisas against the Canadian Dollar (CAD).
The PKR also posted an upward movement of 29.8 paisas and 28.9 paisas against the UAE Dirham (AED) and the Saudi Riyal (SAR) respectively in the interbank currency market today.