Rupee Finally Posts Blanket Gains Against All Major Currencies

The Pakistani Rupee had shot over Rs. 166 to the US Dollar for the first time yesterday since early September 2020. Today, it reversed some of its losses, closing moderately below Rs. 166 to the US Dollar. ALSO READ Rupee Drops to Its Lowest in A Year With A Sudden Crash Against the US Dollar During this time last year, the Pakistani Rupee (PKR) had hovered around the exchange rate of Rs. 168 to the US Dollar (USD) — the highest level since 2015. Today (26 August), the PKR gained 47 paisas after losing more than a rupee’s worth yesterday (August 25) against the greenback. It traded between Rs. 165.87 to the USD and Rs. 166.82 to the USD before closing at Rs. 165.80 to the USD today. Former Treasury Head-Chase Manhattan Bank, Asad Rizvi, wrote on Twitter, “On March 31/21 Rupee closed at 152.7586. It has so far lost 9% of its value due to an unfavorable trade gap caused by higher import bills. SBP’s absence to maintain the FX Reserve target is adding pressure on PKR that risks a sharp hike in inflation rate if it goes in checked” Yesterday, the PKR declined steeply against other major currencies in the interbank market but posted blanket improvements there today. It gained 40 paisas to the Euro, 61 paisas against the Pound Sterling (GBP), 36 paisas against the Australian Dollar (AUD), and 41 paisas against the Canadian Dollar (CAD). ALSO READ Rupee Drops to An 11-Month Low Against the US Dollar The PKR also posted gains of 12.8 paisas against both the UAE Dirham (AED) and the Saudi Riyal (SAR) today.