The Pakistani Rupee posted an improvement against the US Dollar for the second consecutive day today. However, it still has not been able to fully recover the losses it posted in the middle of the current week. PKR had jumped over Rs. 166 to the USD for the first time since early September 2020 on Wednesday.
Today (27 August), the PKR gained 18 paisas against the greenback, adding to the gains of 47 paisas yesterday (26 August), closing at Rs. 165.62 to the USD, as compared to yesterday’s Rs. 165.80 to the USD.
A weekly comparison of PKR’s movements against the USD shows that the local unit has lost nearly 0.88 percent or Rs. 1.44, to the USD on a week-to-day basis. PKR has deteriorated more severely on a month-to-date comparison, where the loss is 1.97 percent or Rs. 3.19 against the USD. On an annual comparison as well, PKR has deteriorated steeply by Rs. 5.79, or 3.62 percent, against the greenback.
Former Treasury Head at Chase Manhattan Bank, Asad Rizvi, tweeted, “[Yesterday] market saw 1/2 percent correction. PKR that has been taking a continuous beating for the last few months took a breather. SE Asian & EM Currencies too took a pause.”
He added, “Today, strong PKR opening is expected, but it is still early to say if PKR will stabilize or need more time.”
The PKR also posted blanket improvements against other major currencies, repeating yesterday’s trend in the interbank currency market.
It gained 34 paisas to the Euro, 89 paisas against the Pound Sterling (GBP), 24 paisas against the Australian Dollar (AUD), and 80 paisas against the Canadian Dollar (CAD).
The PKR also posted gains of almost 5 paisas against both the UAE Dirham (AED) and the Saudi Riyal (SAR) today.