Rupee Continues to Boss Top Performing Currencies

The Pakistani rupee (PKR) closed in green 5th day in a row against the US Dollar (USD) and against the British Pound (GBP) on Monday. On a day-on-day (DoD) basis, the interbank rate recovered to 283/$ and stayed there most of the day before closing at the same level. Open market rates across multiple currency counters remained at the 283-285 level today. A few sellers quoted Rs. 286/$ in the federal capital today. GBP rose to 378-381 against the PKR in the open market. According to the Exchange Companies Association of Pakistan (ECAP), the buying rate stood at 380, while several exchange shops across main cities were selling GBP at rates as high as Rs. 382. In the past 4 weeks, PKR has gained nearly Rs. 20 against GBP in the open market. On July 3, the pound stood at Rs. 396. PKR was stable all day and closed in green against the greenback. Meanwhile, it posted gains against all of the other major currencies during today’s session. The PKR appreciated by 0.06 percent and gained 15 paisas to close at 283.05 against the US Dollar today. On a fiscal year-to-date basis (FYTD), the PKR has lost 1.48 percent against the US Dollar. The PKR was green against all of the other major currencies in the interbank market today. It gained four paisas against the UAE Dirham (AED) and three paisas against the Saudi Riyal (SAR). Meanwhile, it gained Rs. 1.34 against the Canadian Dollar (CAD). The rupee gained 54 paisas against the Australian Dollar (AUD) in today’s interbank currency market. It gained Rs. 3.53 against the Euro (EUR) and Rs. 2.35 against the British Pound (GBP).