Pakistani Rupee has shown a reverse movement once again, gaining almost one rupee against the US Dollar.
PKR closed at Rs. 160.08 on Tuesday (November 24) against the USD as compared to 161.04 on Monday in the interbank market, gaining 96 paisas.
PKR has been losing against the USD for several days. However, today the rupee has posted a significant gain, and not just against the USD, but also other main currencies.
On November 24, PKR gained Rs. 1.04 against Euro, 95 paisas against GBP, 19 paisas against the Australian Dollar, and 46 paisas against the Canadian Dollar.
Malik Bostan, Chairman of Exchange Companies Association of Pakistan (ECAP), said,
The demand for the Dollar is projected to remain controlled now, with no foreseeable major hike as per the payment scheduled by the government and the importers, said Paracha.