The Pakistani rupee (PKR) posted gains reversing its 3-day losing streak against the US Dollar (USD) and also against the British Pound (GBP) on Thursday.
On a day-on-day (DoD) basis, the interbank rate stayed at 284/$ most of the day before closing at the 283 level. Open market rates across multiple currency counters remained at the 284-289 level today.
GBP stayed at 391-396 against the PKR in the open market. According to the Exchange Companies Association of Pakistan (ECAP), the selling rate stood at 394 while several exchange shops across main cities were selling GBP at rates as high as Rs. 396.
PKR was stable all day and closed in green against the greenback. Meanwhile, it posted losses against most of the other major currencies during today’s session.
The PKR appreciated by 0.03 percent DoD after gaining nine paisas and closed at 283.86 against the US Dollar today.
On a fiscal year-to-date basis (FYTD), the PKR has lost 1.86 percent against the US Dollar.
Other currencies
The PKR was red against most of the other major currencies in the interbank market today.
It gained two paisas against the UAE Dirham (AED) and two paisas against the Saudi Riyal (SAR).
Meanwhile, it lost 86 paisas against the Canadian Dollar (CAD).
The rupee lost 38 paisas against the Australian Dollar (AUD) in today’s interbank currency market.
It lost 68 paisas against the Euro (EUR) but gained Rs. 1.1 against the British Pound (GBP).
Why is that ? Pound is a weak currency globally. It’s near dollar.
Why is it so high in pakistan ? Weren’t we told that inflation is down
Why is everything so expensive then
UK pound is one of the strongest currencies in the world. It’s not as stable as the USD but it’s forecast to reach £1/PKR 500 by end of 2026.