The Pakistani Rupee turned the tide in the interbank currency market. Furthermore, Rupee records losses against the Dollar.
On Monday, the Rupee fell nearly by 45 paisas against the buck. However, yesterday it gained 14 paisas. But, today it again posted a loss of 16 paisas.
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Today (11 August), the Pakistani Rupee traded between Rs. 163.55 to the USD and Rs. 164.25 to the USD before closing at Rs. 163.92 to the USD. This is a deterioration of 16 paisas compared to yesterday’s (10 August) closing at Rs. 163.75 to the USD.
The former Treasury Head at the Chase Manhattan Bank, Asad Rizvi said:
Per expectations, July Remittances surged to $2.7bn that will help to attain $30bn+ in FY22 … While, yesterday, some stability was seen in the interbank market … late $ [dollar] buying pushed it higher.
However, the Pakistani Rupee’s performance against the other major currencies was kind of mixed. As you can see above, local buck performance was almost equally positive and negative against some currencies.
It gained 14 paisas against the Euro, 61 paisas against the Pound Sterling (GBP), and 1 paisa against the Australian Dollar (AUD).
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However, Rupee lost by 53 paisas against the Canadian Dollar (CAD), and by 4 paisas against both the UAE Dirham (UAE) and the Saudi Riyal (SAR) today.
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