Pakistani Rupee persisted to strengthen against the US Dollar last week after reaching its highest value in three months on February 12, going below Rs. 159 on February 18. However, on Friday, PKR once again overturned the movement and closed to the US Dollar at Rs. 159.10. The current week has seen the progress of PKR against the USD but mixed results against most major currencies.
PKR closed at Rs. 158.86 to the US Dollar on February 23, up 17 paisas from Rs. 159.06 on February 22, which rose from Friday’s Rs. 159.10 to the USD.PKR weaken on the first two days of the previous week and post blanket gains on the next two days before closing on Friday again with blanket losses.
On Monday, PKR improved against USD, Euro, UAE Dirham, and Saudi Riyal, while deteriorated against GBP, Australian Dollar, and Canadian Dollar. More or less the same results were reported on Tuesday, with the exception of a move against the Euro. After recording a significant loss of Rs. 1.37 on Friday, PKR gained 52 paisas to the Euro on Monday. PKR lose more than Monday’s gains on Tuesday and worsened against the Euro by 74 paisas. PKR lost 98 paisas against the GBP today, adding to the loss it bears yesterday of 14 paisas after the downward movement of Rs. 1.67 against GBP on Friday.
Similarly, PKR registered a loss of 54 paisas today against the Australian Dollar, contributing to the loss of 81 paisas yesterday and stacking up on the loss of 86 paisas on Friday. PKR weakened its ground against the Canadian dollar by 16 paisas today following the loss of 28 paisas on Monday and 37 paisas on Friday.
Yesterday and today, the PKR maintained a positive trend AED and SAR, with a slight improvement of less than a paisa on Monday and a 4 paisa gain on Tuesday. Prior to this, PKR on Friday reported a loss of 4 paisas against both currencies.