Rupee Gains Big Against the US Dollar and Other Major Currencies

After touching its highest value in three months on Friday (February 12) against the US Dollar, the Pakistani Rupee lost its standing in the first two days of the current week. However, Wednesday and Thursday have brought notable gains for PKR against all major currencies in the interbank market.

On Wednesday, PKR gained against all major currencies in the inter-bank currency market after posting losses on the first two days of the week. Thursday repeated Wednesday’s trend.

In the previous week, PKR posted a total improvement of Rs. 1.17 against the greenback. It closed at Rs. 158.81 to the USD on Friday. Before this, on November 15, 2020, the USD had been at Rs. 158.31.

On Monday (February 15), PKR lost 45 paisas to the USD. On Tuesday (February 16), PKR posted a further loss of 26 paisas. Yesterday the trend reversed, and PKR improved by 28 paisas against the USD. Today, the improvement for PKR was 32 paisas against the greenback.

On Thursday (February 18), PKR closed at Rs. 158.93 to the USD, up from Rs. 159.25 to the USD yesterday, which was up from Rs. 159.54 on Tuesday, and Rs. 159.27 on Monday. For now, PKR maintains below Rs. 160 exchange rate against the greenback, breaking even the Rs. 159 barrier on Thursday.

Against the Euro, while PKR closed the previous week with an improvement of 56 paisas, it lost Rs. 1.08 on Monday and 39 paisas on Tuesday. Yesterday, PKR gained notably against the Euro by Rs. 1.34, further improving by 79 paisas today.

The PKR had posted gains against the GBP towards the end of last week, closing with a gain of Rs. 1.01 to the GBP. On Monday and Tuesday, PKR deteriorated against GBP with a whopping Rs. 2.47 and 78 paisas, respectively. Yesterday, PKR gained 97 paisas and added a gain of 36 paisas further today.

The PKR had also shown improvement against the Australian Dollar (AUD) last week, closing with an improvement of 48 paisas against the AUD on Friday. Monday saw PKR go down by Rs. 1.3 to the AUD and Tuesday added a further erosion of 18 paisas. Wednesday brought an improvement of 74 paisas for PKR, while Thursday compounded that gain just a little by 2 paisas.

The PKR went up notably by 80 paisas against the Canadian Dollar (CAD) on Friday but ended up losing even more on Monday, posting a loss of Rs. 1.17 against the CAD. Tuesday also saw PKR deteriorate further with a loss of 45 paisas. Wednesday brought an improvement of 89 paisas for PKR against the CAD as well. Thursday’s gains for PKR were comparatively moderate, with 20 paisas improvement against CAD.

PKR has also been posting losses against both the AED and the SAR with infrequent improvements. However, in the last week, the trend had consistently been of improvement. Friday saw PKR post gains of 6 paisas against both currencies. This week brought the losing trend back, with PKR losing 12 paisas on Monday and 7 paisas on Tuesday against both currencies. Wednesday reversed the loss by the same amount for PKR, with an improvement of 7 paisas. Today, the PKR improved some more with 8 paisas against both currencies.


Source: Propakistani