Rupee Makes Huge Recovery Against British Pound

The Pakistani rupee (PKR) closed in red against the US Dollar (USD) but reported a sharp recovery against the British Pound (GBP) on Wednesday. On a day-on-day (DoD) basis, the interbank rate stayed at 283-284/$ most of the day before closing at the 283 level. Open market rates across multiple currency counters remained at the 284-287 level today. GBP stayed at 384-388 against the PKR in the open market. It was bearish all day and closed in red against the greenback. Meanwhile, it posted losses against some of the other major currencies during today’s session. The PKR hovered near 388 against the British Pound (GBP) most of the day. At market close, it ended movement at 384-386. The PKR depreciated by 0.05 percent DoD after losing 14 paisas and closed at 283.55 against the US Dollar today. On a fiscal year-to-date basis (FYTD), the PKR has lost 1.76 percent against the US Dollar. The PKR was red against some of the other major currencies in the interbank market today. It lost three paisas against the UAE Dirham (AED) and three paisas against the Saudi Riyal (SAR). Meanwhile, it gained Rs. 1.27 against the Canadian Dollar (CAD). The rupee gained Rs. 1.07 against the Australian Dollar (AUD) in today’s interbank currency market. It gained Rs. 1 against the Euro (EUR) and Rs. 2.67 against the British Pound (GBP).