Pakistani Rupee Loses Big Against Most Currencies Third Day in a Row
The Pakistani Rupee (PKR) lost 11 paisas against the US Dollar (USD) in the interbank currency market on Thursday following a gain of 10 paisas on Wednesday that came after a loss of eight paisas on Tuesday and 19 paisas on Monday.
The PKR closed at Rs. 160.61 to the USD on Thursday (January 21) as compared to Rs. 160.50 to the USD on Wednesday, which was an improvement on the Rs. 160.60 to the greenback on Tuesday that had reduced from Rs. 160.52 on Monday.
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Pakistani Rupee Loses Big Against All Major Currencies Except US Dollar
The PKR has been gaining against many of the other major currencies for most of the current calendar year. However, this week, except major gains witnessed on Monday, PKR has seen more deterioration than gains on Tuesday, Wednesday and Thursday.
It eroded against every major currency in the international currency market on Thursday, repeating a blanket loss from earlier in the week on Tuesday.
The PKR lost 11 paisas to the Euro on Thursday, adding to the loss of 16 paisas on Wednesday and 71 paisas on Tuesday. It also posted a gain of 61 paisas against the Euro on Monday.
The PKR also lost Rs. 1.02 against the Great Britain Pound (GBP) in the interbank market today, adding to yesterday’s loss of Rs. 1.03 and 96 paisas the day before. Monday brought a significant improvement of Rs. 1.52 for PKR against the GBP.
It also deteriorated by 56 paisas against the Australian Dollar (AUD) today after losing 15 paisas yesterday and 74 paisas on Tuesday after a gain of 83 paisas on Monday.
The PKR lost 85 paisas against the Canadian Dollar (CAD) today, increasing yesterday’s loss of 25 paisas and 59 paisas on Tuesday. This change came after a gain of 86 paisas on the opening day of the week.
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Rupee Loses Ground Against All Major Currencies
It has slowly but consistently been posting losses against both the UAE Dirham (AED) and the Saudi Arabian Riyal (SAR). Although it gained two paisas against both the currencies yesterday, the trend on Thursday was that of a loss by three paisas against them again. On Tuesday, the erosion of the PKR against both these currencies was two paisas after a loss of four paisas on Monday.
