The Pakistani Rupee (PKR) posted a negligible improvement against the US Dollar (USD) in the interbank currency market today. It improved by one paisa over yesterday’s exchange rate, closing at Rs. 161.88 to the USD today (29 July) as compared to Rs. 161.89 on Wednesday (28 July).
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During the day, the PKR traded between Rs. 160.9 and Rs. 162.25 before closing at Rs. 161.88 against the greenback.
This week’s journey for the PKR included a substantial improvement of Rs. 1.09 on Monday, deterioration of 10 paisas on Tuesday, and an even steeper deterioration of 57 paisas on Wednesday.
Asad Rizvi, the former Treasury Head at the Chase Manhattan Bank, said earlier in the day, “Yesterday T-bills cut off 3-months at 7.2401 percent vs 7.2589 percent (previous) & 6-months at 7.5185 percent vs 7.5390 percent (previous), while rejecting 12-months & accepting Rs. 627.7 billion (RA)/Target Rs. 700 billion, [which] is quite in line with SBP’s accommodative policy stance suggesting stable condition”.
The PKR posted losses against most other major currencies as well today, with the most pronounced deterioration against the Pound Sterling (GBP) and the Canadian Dollar (CAD).
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The PKR lost 79 paisas against the Euro, fell by Rs. 1.25 against the GBP, went down by 81 paisas against the Australian Dollar (AUD), and posted a loss of Rs 1.15 against the CAD. However, it showed improvements of less than a paisa each against the UAE Dirham (UAE) and the Saudi Riyal (SAR).
