Rupee Posts Blanket Gains Against Major Currencies Two Days in a Row

The Pakistani Rupee (PKR) has posted blanket gains for the second day in a row against almost all the major currencies. The local unit improved by 24 paisas against the US Dollar (USD) today.

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Today (5 August), the PKR traded in the range of the lowest at Rs. 163.05 to the USD and the highest at Rs. 164.12 to the USD before closing at Rs. 163.22 to the USD. This is 24 paisas up from yesterday’s closing of Rs. 163.47 to the USD.

Regarding the recovery of the PKR yesterday and today, it is being said that it still does not signal the end of the downward pressures on it.

Asad Rizvi, the former Treasury Head at the Chase Manhattan Bank, said, “Pak Rupee moved in line with the expectations making gains. But this does not mean pressure on #PKR may have eased”.

He added, “Importantly, Rupee should hold below 164.40 levels & gradually gain strength at a slow pace, it will add to the confidence & bring stability”.

The PKR also posted positive movements against all the major currencies in the interbank currency market today. It gained 57 paisas against the Euro, 63 paisas against the Pound Sterling (GBP), 40 paisas against the Australian Dollar (AUD), and four paisas against the Canadian Dollar (CAD).

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It also improved against the UAE Dirham (UAE) and the Saudi Riyal (SAR) by six paisas each.