Because of the Eid ul Adha vacations, the Pakistani Rupee has been on a losing trend since the beginning of the current fiscal year, and it just broke through the Rs. 162 level.
The Pakistani Rupee gained ground against the US dollar, reaching Rs. 161.229. It fluctuated between Rs. 160.81 and Rs. 161.09 today, before closing at Rs. 161.22 to the USD (on July 26), an increase from the previous day’s exchange rate of Rs. 162.32 to the USD (on July 23), which was Rs. 162.32.
In an earlier statement, Asad Rizvi, a former Treasury Head at Chase Manhattan Bank, stated that while the “choppy condition” could linger because some share of payments may still be owed, “we could see a stable Rupee from this week forward because the M/E market is back to work.”
He went on to say, “The flow of remittances will gradually begin to pick up.” As a result, we are somewhere near the bottom of the heap.”
Additionally, the Pakistani rial saw significant gains against all of the major currencies traded on the interbank market. It gained a significant amount of ground against the Euro, 96 paisas against the British Pound (GBP), Rs. 1.24 against the Australian Dollar (AUD), and 93 paisas against the Canadian Dollar (CAD) (CAD).
When compared to the UAE Dirham (AED) and the Saudi Riyal (SAR), the Pakistani Rupee (PKR) gained 29.8 paisas today and lost 28.9 paisas yesterday in the interbank currency market.