Pakistani Rupee Makes Huge Gains Against All Major Currencies propakistani.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from propakistani.pk Daily Mail and Mail on Sunday newspapers.
Rupee Breaks Two Weeks of Slump With A Huge Gain Against the US Dollar
ALSO READ
The PKR posted a substantial improvement of 40 paisas against the USD, closing at Rs. 154.43 to the USD at the end of the trading day today (Friday, 28 May), as compared to Rs. 154.83 to the USD on Thursday (27 May).
It had followed the same trajectory throughout the previous week, with four days of constant losses and an improvement on the final trading day of the week.
On a weekly comparison, the PKR lost nearly 0.7 percent (Rs. 1.08) to the greenback in total, while its deterioration was nearly 0.64 percent (Rs. 0.98) on a monthly basis, according to investment analytics platform Capital Stake.
The Pakistani Rupee (PKR) has continued its downward trajectory for the third day in a row as it went down by Rs. 40 paisas against the US Dollar (USD).
Rupee Posts Massive Losses Against All Major Currencies
ALSO READ
The PKR closed at Rs. 154.37 to the USD at the end of the trading day today (Tuesday, 25 May) as compared to Rs. 153.69 to the USD on Monday (24 May).
The GDP projections that have been making headlines might have signaled a position of strength for the PKR in the international currency market, but today’s movements turned out to be different.
Regarding this, the former Treasury Head at Chase Manhattan Bank, Asad Rizvi, said earlier in the day, “Today Rupee is expected to open with a weaker tone around 154 levels against yesterday’s SBP close of 153.6982”.
Rupee Witnesses Another Big Drop Against the US Dollar
ALSO READ
The PKR lost 34 paisas against the USD today, closing at Rs. 153.698 to the USD at the end of the trading day today (Monday, 23 May) compared to Rs. 152. 356 to the USD on Friday (21 May).
PKR lost over a rupee (Rs. 1.07) to the greenback over the past week, and this week’s deterioration plunges it even deeper. The GDP projections recently making headlines might have signaled a position of strength for the PKR in the international currency market, but today’s movements turned out to be different.
Regarding this, Former Treasury Head at Chase Manhattan Bank, Asad Rizvi, said, “Don’t mix up Rupee with 3.94 percent GDP projection. Low base rate supports higher growth rate.”