Rupee Ends Week Strongly Against US Dollar Despite Negative Prediction

The Pakistani rupee (PKR) closed in green against the US Dollar (USD) for the 147th consecutive day on Friday.

Meanwhile, it posted gains against all of the other major currencies during today’s session.

The PKR closed at 278.85 after gaining one paisa against the US Dollar today.

This comes despite Thursday’s news that the PKR could remain under pressure in the coming months, with a majority of market participants forecasting the dollar to stay above Rs. 285, according to a survey conducted by Topline Securities.

It should be mentioned here that the PKR has appreciated for 145 consecutive days (~5 months) against the greenback. The interbank rate sits at Rs. 278/$.

Around 59 percent of respondents expect the PKR/USD parity to remain above 285, while 31 percent see the exchange rate moving in the 280–285 range. Only 10 percent expect the rupee to trade between 275 and 280.

Other Currencies

PKR gained one paisa against the UAE Dirham (AED) and was stable against the Saudi Riyal (SAR).

Meanwhile, it gained 43 paisas against the British Pound (GBP) and 52 paisas against the Euro (EUR).

It gained 74 paisas against the Australian Dollar (AUD) and 50 paisas against the Canadian Dollar (CAD).