Pakistani Rupee Posts Its Biggest Loss Against the US Dollar in Months - Android

Pakistani rupee deteriorated on the final day of the week against the US Dollar after appreciating for four straight sessions… Read More

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Pakistani rupee deteriorated on the final day of the week against the US Dollar after appreciating for four straight sessions in the interbank market. PKR posted a loss of 52 paisas against the USD on Friday.

The local currency closed at Rs. 155.97 against the USD on Friday (19 March) compared to Thursday’s (18 March) closing of Rs. 155.45 to the USD.

Thursday had seen appreciation from Wednesday’s Rs. 155.74 to the USD exchange rate, which was up almost a Rupee from Tuesday’s closing of Rs. 156.71 against the greenback in the interbank currency market. On Monday, the PKR had closed on Rs. 156.99 to the USD.

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Yesterday saw PKR post the strongest parity since March 6, 2020. Friday, however, reversed some of the gains made over the past week for the PKR. However, according to experts, PKR is expected to remain strong in the near future despite today’s erosion.

Managing Director at Khadim Ali Shah Bukhari Securities, A.A.H Soomro, while commenting on the Rupee, told ProPakistani a few days ago that the currency is strengthening due to much better remittances and manageable Trade Deficits.

“Lack of outward and inward travel is keeping markets oversupplied,” he said. Further adding, “This summer, Ramzan-induced pilgrimages are halted, and the third wave in Pakistan is preventing summer vacations also. Moreover, SBP is reducing transaction costs of remittances as well, along with rejoicing the RDAs money. Therefore, expect the currency to remain stable.”

The PKR has also been posting blanket gains against all the major currencies since the beginning of the week. While some of these gains eroded on Thursday, Friday mostly brought blanket gains for PKR once again, except some deterioration against the Canadian Dollar.

PKR improved by 25 paisas against the Euro on Monday, by 42 paisas on Tuesday, and significantly by Rs. 1.49 on Thursday. Yesterday, PKR posted a loss of 33 paisas against the Euro but gained 25 paisas again today.

PKR appreciated by 24 paisas against the Pound Sterling (GBP) on Monday, by Rs. 2.28 on Tuesday, and by 4 paisas on Wednesday. Yesterday, PKR eroded by 59 paisas against the GBP, offsetting some of it with 24 paisas gains today.

On Monday, the PKR had posted a loss of 1 paisa against the AUD but reversed it on Tuesday with a notable gain of 78 paisas and added improvement of 65 paisas on Wednesday. Thursday brought losses for PKR against the AUD to the tune of Rs. 1.06 and Friday added another paisa to this loss on Friday.

The PKR posted a notable loss against the Canadian Dollar on Monday when it deteriorated by Rs. 1.05. However, on Tuesday, it appreciated 64 paisas against the CAD, adding another 50 paisas gain on Wednesday. Yesterday, PKR lost some of those gains and went down by 32 paisas against the CAD, further deepening the erosion on the final day of the week with Rs. 1.05 loss.

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PKR has been posted gains against both the UAE Dirham (AED) and the Saudi Riyal (SAR) in the interbank market since the beginning of this week. PKR went up by 3 paisas against each on Monday, by 7 paisas against both the currencies on Tuesday, 2 paisas against both on Wednesday, by 7 paisas against both currencies on Thursday, and by 3 paisas against both AED and SAR on Friday.

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