Rupee Gains Against Major Currencies Despite US Holiday

The Pakistani Rupee (PKR) continued its winning streak against the US Dollar (USD) and posted gains in the interbank market today. It gained 14 paisas against the greenback after hitting an intra-day high of Rs. 175.85 against the latter during today’s open market session. It appreciated by 0.09 percent against the USD and closed at Rs. 175.92 today after gaining 31 paisas and closing at 176.07 in the interbank market on Friday, 14 January. The PKR reported gains against the USD on account of the American holiday ‘Martin Luther King Jr. Day’. Regardless, today’s interbank wrap-up does not offer much insight into the forecast for the remaining week as the exchange ledger still remains highly volatile. On the flip side, in order to closely monitor dollar movements across the board, the State Bank of Pakistan (SBP) has updated its software and reporting mechanism to ensure the track record of foreign exchange inflows and transactions within the relevant stakeholders of the financial system, including banks, foreign and money exchange companies, multinational remittance transfer companies. Following the recent changes in the country’s financial landscape and the upcoming monetary policy meeting for reviewing fiscal tightening measures, the PKR is expected to exhibit varied growth during the remaining half of the current fiscal year. It continued its winning run against other major currencies and reported gains in the interbank currency market today. It also posted gains of 93 paisas against the Euro (EUR), Rs. 1.17 against the Pound Sterling (GBP), and Rs. 1.27 against the Australian Dollar (AUD). Moreover, the PKR gained three paisas against the Saudi Riyal (SAR) and four paisas against the UAE Dirham (AED) in today’s interbank currency market.