Dollar up by 5 Rupees

The currency markets saw a sudden movement at open today after Rupee lost more than 4.5 percent in early trade. Dollar in the local markets started the day off at 110.50 and gained 5 Rupees to reach 115/116. 

The local currency during the last three months has been trading with a stoic discipline somewhere between the 110/111 ever since the sudden depreciation in rates during 8 – 12 December, 2017.

On 8th December 2017, PKR depreciated by 2.8% within the first 30 minutes of trading. The fluctuation was abrupt and came as a consequence change in Government's modus operandi towards exchange rate.

“The exchange rate movement will now be based on demand and supply of foreign exchange in the interbank market”, said the official State Bank Press Release on 8th December, 2017. The State Bank officiated the Rupee devaluation by not interfering.

Brexit Agreement 

The pound rose Monday (yesterday) after Britain and the EU reached a landmark deal on a two-year transition after Brexit that will buy businesses and citizens’ time to adjust to life after the divorce.

"The British pound was the biggest currency mover of the day," said Jasper Lawler, head of research at London Capital Group. "Having the extra two years of continuity should reduce business uncertainty and encourage investment."