The Pakistani Rupee (PKR) broke its three-day losing streak on Thursday, posting marginal gains against the US Dollar (USD). However, the British Pound Near Rs. 400 As PKR Struggles Against Market trends, continuing to hover near the Rs. 396 mark in the open market.
PKR Posts Gains After Three-Day Slide
Currency traders reported that the interbank rate for the Dollar stayed steady at Rs. 284 for most of the trading day before closing slightly stronger at the Rs. 283 level. In the open market, exchange companies quoted the Dollar between Rs. 284 and Rs. 289, indicating stable buying and selling trends across major counters.
British Pound Remains Elevated
While the Rupee strengthened modestly against the greenback, the British Pound (GBP) continued to trade at elevated levels. According to the Exchange Companies Association of Pakistan (ECAP), the official selling rate for GBP stood at Rs. 394. However, several currency dealers in major cities were seen quoting rates as high as Rs. 396 in the open market.
PKR Gains Slightly Against Dirham and Riyal
The PKR also recorded slight gains against some Gulf currencies. It appreciated by two paisas each against the UAE Dirham (AED) and the Saudi Riyal (SAR) during the day’s trading.
Losses Against Other Majors
Despite this, the PKR struggled against other major currencies. It lost 86 paisas against the Canadian Dollar (CAD) and weakened by 38 paisas versus the Australian Dollar (AUD).
Yearly Trend Shows Overall Decline
On a fiscal year-to-date (FYTD) basis, the PKR has shed 1.86 percent of its value against the US Dollar, reflecting ongoing economic pressures and fluctuating market sentiment.
Market Outlook
Currency experts say that while the Rupee’s slight rebound against the Dollar offers temporary relief, high demand for the Pound Sterling and other foreign currencies may keep the local currency under pressure. Importers, students, and travelers are advised to monitor market trends closely as fluctuations continue.
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