Rupee Rises 33rd Consecutive Day Against US Dollar As Markets Downplay ‘Political Storm’

The Pakistani rupee (PKR) closed in green against the US Dollar (USD) 33rd day in a row on Monday. It also posted losses against some of the other major currencies during today’s session. The PKR appreciated by 0.01 percent DoD and closed at 280.8 after gaining one paisa against the US Dollar today. On a fiscal year-to-date basis (FYTD), the PKR has gained 1.11 percent against the US Dollar. The rupee was up as the federal government continued to rush towards adopting the 27th constitutional amendment on Monday. A few market players downplayed the impact of such a constitutional amendment on the forex market. They said the rupee will remain on a path of stability for the time being. The move is merely political and doesn’t concern traders, they added. The amendment concerns making big changes to the judiciary, the formation of a Federal Constitutional Court (FCC) which will deal with constitutional matters and all courts, including the Supreme Court itself, will have to agree with. The PKR was red against most of the other major currencies in the interbank market today. It was stable against the UAE Dirham (AED) and also the Saudi Riyal (SAR). Meanwhile, it lost Rs. 1.43 against the Canadian Dollar (CAD). The rupee lost Rs. 1.28 against the Australian Dollar (AUD) in today’s interbank currency market. It lost 90 paisas against the Euro (EUR) and 96 paisas against the British Pound (GBP).