Rupee Recovers to 394 Against British Pound in Open Market

The Pakistani rupee (PKR) posted losses second day in a row against the US Dollar (USD) but posted gains against the British Pound (GBP) on Monday. On a day-on-day (DoD) basis, the interbank rate stayed at 284/$ most of the day before closing at the 283 level. Open market rates across multiple currency counters remained at the 284-289 level today. GBP stayed at 391-394 against the PKR in the open market. According to the Exchange Companies Association of Pakistan (ECAP), the selling rate stood at 393 while several exchange shops across main cities were selling GBP at rates as high as Rs. 394. PKR was bearish all day and closed in red against the greenback. Meanwhile, it posted losses against most of the other major currencies during today’s session. The PKR depreciated by 0.01 percent DoD after losing four paisas and closed at 283.76 against the US Dollar today. On a fiscal year-to-date basis (FYTD), the PKR has lost 1.82 percent against the US Dollar. The PKR was red against most of the other major currencies in the interbank market today. It lost one paisa against the UAE Dirham (AED) and one paisa against the Saudi Riyal (SAR). Meanwhile, it gained 46 paisas against the Canadian Dollar (CAD). The rupee gained 38 paisas against the Australian Dollar (AUD) in today’s interbank currency market. It lost six paisas against the Euro (EUR) but gained Rs. 1.07 against the British Pound (GBP).