Pakistani Rupee Mixed Against Major Currencies: Slight Dip vs. USD, Gains Against GBP and Euro
The Pakistani Rupee (PKR) showed a mixed performance in the currency market on Wednesday, recording minor losses against the US Dollar (USD) while posting notable gains against the British Pound (GBP) and several other major currencies.
PKR vs. US Dollar
In the interbank market, the PKR traded around 285 per USD for most of the day, before closing slightly lower at 284.96, reflecting a day-on-day depreciation of 29 paisas or 0.10%.
Meanwhile, open market rates hovered between Rs. 287 and Rs. 290 per dollar, with some counters in Islamabad quoting rates as high as Rs. 291/$.
On a fiscal year-to-date (FYTD) basis, the PKR has lost 2.14% against the US Dollar.
PKR Strengthens Against British Pound and Euro
In contrast to its performance against the dollar, the PKR gained ground against the British Pound, which fell to Rs. 385–389 in the open market. According to the Exchange Companies Association of Pakistan (ECAP), the buying rate for GBP stood at Rs. 385, while some outlets sold it for as much as Rs. 389.
The rupee also posted a solid gain of Rs. 1.62 against the Euro (EUR) and Rs. 1.01 against the British Pound (GBP) in the interbank market.
PKR Performance Against Other Major Currencies
In Wednesday’s trading session:
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UAE Dirham (AED): Down by 7 paisas
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Saudi Riyal (SAR): Down by 7 paisas
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Canadian Dollar (CAD): Up by 21 paisas
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Australian Dollar (AUD): Up by Rs. 1.03
Market Outlook
While the rupee faced pressure against the US dollar, gains against key global currencies such as the GBP, EUR, AUD, and CAD offered some relief to traders and analysts keeping a close eye on forex market trends.
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