Tuesday, April 23, 2024

Pakistani Rupee Records a Huge Gain Against the GBP

Pakistani Rupee today reported a 19 paisa gain against the US Dollar. This change came on Monday, Tuesday, and Wednesday after the loss of 18 paisas, 15 paisas, and 1 paisa, respectively.

On Thursday (December 10), PKR closed at 160.28, compared with 160.48 on Wednesday (December 9).

In the PKR-USD parity, the last two weeks have seen uncertainty. PKR, however has been nominally losing since the start of the current week. This move, however, did not come as a surprise to analysts who expected such developments in the exchange rate of PKR to the US Dollar.

In the PKR-USD parity, last two weeks have seen uncertainty. PKR, however has been nominally losing since the start of the present week. This move however, did not come as a surprise to analysts who expected such developments in the exchange rate of PKR to the US Dollar.

As importers are coming to the market to fulfil their payment commitments, there is a demand for the US Dollar.

PKR also posted a turn against the GBP on the side of other major currencies. PKR gained Rs. 1.7 on Thursday after almost a complete rupee loss against the GBP on Wednesday. The PKR weakened against most major currencies at the beginning of the present week, though at a different speed from day-to-day. Today, the loss for PKR against the Euro was 66 paisas, but the Canadian Dollar gained 18 paisas. PKR lost 5 paisas each against Saudi Riyal and UAE Dirham.

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