Pakistani Rupee Improves Against US Dollar But Loses Ground Over Other Currencies

After touching its highest value in three months on February 12, PKR continued its gain against the US Dollar last week, going below Rs. 159 on Thursday (February 18). On Friday, however, PKR reversed the movement once again and closed at Rs. 159.10 to the USD.

The current week has seen improvement for PKR against the greenback but mixed results against most major currencies.

Today (February 23), PKR closed at Rs. 158.86 to the USD, up 17 paisas from Rs. 159.06 on Monday (February 22), which was up from Friday’s Rs. 159.10 to the USD.

The previous week saw PKR deteriorate on the first two days of the week and post blanket gains on the next two days before closing with blanket losses once again on Friday.

Monday brought improvement for PKR against USD, Euro, UAE Dirham, and Saudi Riyal, while it saw erosion for Pakistani Rupee against GBP, Australian Dollar, and Canadian Dollar. Tuesday posted almost the same results, except for movement against the Euro.

PKR gained 52 paisas to the Euro on Monday, after posting a substantial loss of Rs. 1.37 on Friday. On Tuesday, it lost more than Monday’s gains and deteriorated by 74 paisas against the Euro.

Against GBP, today’s loss for PKR was almost a rupee at 98 paisas, adding to yesterday’s loss of 14 paisas after Friday’s downward movement of Rs. 1.67 against GBP.

Likewise, against the Australian Dollar, PKR posted a loss of 54 paisas today, adding to yesterday’s erosion of 81 paisas and piling up on 86 paisas loss on Friday.

Against the Canadian Dollar, PKR lost its ground by 16 paisas today after losing 28 paisas on Monday and losing 37 paisas on Friday.

 

Source: Propakistani