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Rupee Gains Big Over the British Pound, Holds Out Against the US Dollar

The Pakistani Rupee (PKR) maintained its position against the US dollar (USD) on Friday to close at 170.01.

Yesterday, the rupee broke its 6-day winning streak against the greenback and lost 4 paisas in the inter-bank market to close at Rs. 170.01.

The PKR traded between Rs. 170.12 to the USD and Rs. 169.85 to the USD on Thursday before closing at Rs. 170.01 to the USD, as compared to Wednesday’s (November 3) closing at Rs. 169.97.

The rupee maintained its stride against the dollar as reserves held by the central bank increased by 0.3 percent or $53 million to $17.199 billion. The reserves of commercial banks dropped to $6.726 billion from $6.787 billion. It bears mentioning that Pakistan’s foreign exchange reserves have slightly fallen to $23.926 billion in the week that ended October 29 from $23.934 billion, the State Bank of Pakistan stated on Thursday.

The former Treasury Head of Chase Manhattan Bank, Asad Rizvi, explained on Twitter that the net forex reserve was up by $53 million, even though “The updated data did not include [the] $3 billion Saudi deposit, probably it will be shown in next week’s update after receiving the credit in SBP account.”

“PKR is expected to take a breather due to [the] weekend in M/E”, he added.

The local currency lost 11 paisas against the Euro, gained 63 paisas against the Canadian Dollar (CAD), and 67 paisas against the Australian Dollar (AUD).

It also appreciated by Rs. 2.36 against the Pound Sterling (GBP).

In contrast, it remained stable against the Saudi Riyal (SAR) and the United Arab Emirates Dirham (AED).

Source: Pro Pakistani

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