Rupee Gains Big Against All Currencies on Yet Another Tuesday

Repeating the trend from last week, the Pakistani Rupee (PKR) opened the week with an almost blanket loss against most major currencies in the international currency market, turning the tide on Tuesday with blanket gains.

Tuesday marked a day of gains for PKR against all major currencies, with the most pronounced jump against the GBP.

Last Monday, PKR had lost against several major currencies in the interbank market before posting recovery in the following days. This week as well, PKR seems to be following the same trajectory.

Today (February 2), PKR gained 6 paisas to the US Dollar after losing 12 paisas on Monday. PKR closed at Rs. 160. 15 against the USD compared to Rs. 160.22 on Monday (February 1), which was down from Rs. 160.10 to the USD on Friday (January 29).

Against the Euro, today’s gain for PKR was 60 paisas, a sharp reversal from yesterday’s loss of 16 paisas. Against GBP, PKR posted an even bigger turnaround with 65 paisas gain after deteriorating by 82 paisas yesterday.

The only improvement for PKR yesterday was against the AUD, where PKR posted went up by 11 paisas. Today, PKR added to that gain by improving 24 paisas further.

Against the Canadian Dollar, PKR went down by 74 paisas yesterday but today posted 11 paisas gain.

PKR has been posting losses against both the UAE Dirham (AED) and the Saudi Arabian Riyal (SAR). Monday also saw the same trend with a loss of 3 paisas against each. Tuesday saw a slight improvement in the exchange rate for the PKR with 1.7 paisas gain against both AED and SAR.

Source: Propakistani