Pakistani Rupee Posts Massive Gains Against All Major Currencies

The current week brought consistent improvements for the Pakistani Rupee (PKR) against the US Dollar (USD).

After touching its highest value on 17 November 2020, at Rs. 158.31 to the USD, the PKR today crossed even that limit by jumping 36 paisas to the USD in the interbank market today, closing at Rs. 158.10 to the greenback.

Part of this consistent improvement is due to the inflow of foreign exchange through the Roshan Digital Accounts (RDAs).

According to the latest figures released by the State Bank of Pakistan (SBP), Pakistan has received $554 million over five months from the RDAs, with 57 percent of the remittances ($316 million) from Saudi Arabia and the UAE.

Yesterday (25 February), the PKR closed at 158.46 to the USD, up from Wednesday’s Rs. 158.76 to the USD, which was up 12 paisas from Rs. 158.86 to the USD on Tuesday, which had been up from Rs. 159.06 to the USD on Monday. Today (26 February), PKR has posted an improvement of 36 paisas, closing at Rs. 158.10 to the USD.

During the previous week, the PKR had deteriorated on the first two days and had posted blanket gains on the next two days before closing with blanket losses once again on Friday.

This Monday had brought an improvement for the PKR against the USD, the Euro, the UAE Dirham (AED), and the Saudi Riyal (SAR), in addition to erosion for the PKR against the Great British Pound (GBP), the Australian Dollar (AUD), and the Canadian Dollar (CAD).

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@ranakhalid posted 2 years ago