The Pakistani Rupee (PKR) turned the tide in the interbank currency market today and posted gains of 38 paisas against the US Dollar.
This is the first time since Friday and only the second time since the beginning of the current fiscal year that PKR has posted improvement against the greenback.
Within the past week, PKR went from trading under Rs. 158 to the USD to trading over Rs. 159 to the USD.
On Monday, PKR lost 19 paisas to the USD and deepened the loss by 14 paisas yesterday. Today (July 14), PKR closed at Rs. 159.12 to the USD with a gain of 38 paisas over yesterday’s (July 13) exchange rate of Rs. 159.50 to the USD.
The PKR has lost nearly two rupees to the USD since July 1 due to higher demand from importers and oil payments.
Asad Rizvi, the former Treasury Head at the Chase Manhattan Bank, said earlier in the day, “Record remittances only help to ease the pressure. Unless exports catch up with the inflows, and import of luxuries is minimized, don’t expect relief.”
He added, “Total exports are still not enough to meet the total annual payments in normal condition, which is bad for Rupee.”
Today was also an exceptional day for PKR against other major currencies as it posted blanket gains in the interbank currency market today.
PKR posted notable gains of Rs. 1.34 against the Euro, improved by 59 paisas against the Pound Sterling (GBP), by 82 paisas against the Australian Dollar (AUD), and 69 paisas against the Canadian Dollar (CAD).
PKR also posted a notable improvement of 10 paisas against both the UAE Dirham (AED) and the Saudi Riyal (SAR) in the interbank currency market today.