Rupee Makes Massive Gains Against Major Currencies
Posted by SYEDA MASOOMA
The Pakistani Rupee (PKR) turned to losses again and posted deterioration against the US Dollar (USD) in the interbank currency market.
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This week’s trajectory against the greenback showed a loss of 19 paisas on Monday, an improvement of 11 paisas on Tuesday, and (after the Ashura holidays on Wednesday and Thursday) a loss of 10 paisas on Friday.
The PKR traded between Rs. 163.75 to the USD and Rs. 164.52 to the USD today before closing at Rs. 164.18 to the USD, as compared to Tuesday’s (August 17) closing at Rs. 164.08 to the USD.
While considering the developments in Afghanistan, the former Treasury Head at the Chase Manhattan Bank, Asad Rizvi, said, “USA [has] announced that it is freezing Afghan Central Bank Assets. IMF is blocking $460 million SDR allocation. Hence, Afghan’s can only buy goods from KPK by paying cash $”.
He added, “SBP’s strong vigilance is required to monitor activity”.
The local unit also posted mixed results against other major currencies in the interbank currency market today, with comparatively substantial gains and minor losses.
It gained Rs. 1.49 against the Euro, improved by Rs. 2.92 against the Pound Sterling (GBP), appreciated by Rs. 2.79 against the Australian Dollar (AUD), and posted gains of Rs. 2.91 against the Canadian Dollar (CAD).
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On the other hand, the PKR posted losses of 2.7 paisas against the UAE Dirham (AED) and 2.8 paisas against the Saudi Riyal (SAR) today.
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