Pakistani Rupee Ends 5-Day Losing Streak, Gains Against US Dollar and British Pound
The Pakistani rupee (PKR) showed signs of recovery on Friday, ending a five-day losing streak against the US Dollar (USD) and registering gains against the British Pound (GBP).
The interbank exchange rate remained steady throughout the day, closing at 284 PKR per USD. In the open market, the rupee traded between 284 and 288, with some sellers quoting rates as high as 289 PKR per USD in Islamabad.
Against the British Pound, the PKR closed stronger, trading between 385 and 390 in the open market. According to the Exchange Companies Association of Pakistan (ECAP), the average selling rate for GBP stood at 385 PKR, with some exchange shops quoting rates up to 390.
Currency Performance Highlights
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The PKR appreciated by 0.04% day-on-day, gaining 10 paisas to close at 284.46 against the US Dollar.
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On a fiscal year-to-date basis, the rupee has depreciated by 1.97% against the USD.
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Gains were also seen against other major currencies in the interbank market:
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UAE Dirham (AED) +2 paisas
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Saudi Riyal (SAR) +2 paisas
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Canadian Dollar (CAD) +51 paisas
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The rupee lost 51 paisas against the Australian Dollar (AUD) but gained Rs. 1.48 against the Euro (EUR) and Rs. 2.33 against the British Pound (GBP).
