Rupee Surprisingly Posts Gains Against All Currencies Despite Afghanistan Situation

The Pakistani Rupee (PKR) managed to recover some of its losses from yesterday, and improved by 11 paisas against the US Dollar (USD) today. ALSO READ Rupee Continues to Crumble With Another Loss Against the USD Yesterday, it lost 19 paisas to the USD. Today, it traded between Rs. 163.57 to the USD and Rs. 164.55 to the USD before closing at Rs. 164.08 to the USD, as compared to yesterday’s closing at Rs. 164.19 to the USD. While considering the developments in Afghanistan, the former Treasury Head at the Chase Manhattan Bank, Asad Rizvi, said earlier in the day, “One thing that bothers me is uncertainty in Afghanistan. They [are] solely dependent on foreign aid. If international agencies freeze their funds, it could choke economic activity that may have a spillover effect on our economy”. He added that the “[Pakistan Stock Exchange] and Pakistan’s [Dollar] Bond is under pressure”. The local unit also posted blanket gains against the other major currencies in the interbank currency market today after posting almost blanket losses yesterday. It gained 37 paisas against the Euro, Rs. 1.07 against the Pound Sterling (GBP), and 91 paisas each against the Australian Dollar (AUD) and the Canadian Dollar (CAD). ALSO READ Rupee Holds Strong Against All Major Currencies as Trading Week Concludes The PKR also posted gains of nearly three paisas against both the UAE Dirham (UAE) and the Saudi Riyal (SAR) today.