Pakistani Rupee posted a loss of 15 paisas against the US Dollar in the interbank market today, after losing 18 paisas yesterday.
PKR closed at 160.47 on Tuesday (December 8) as compared to Rs. 160.32 on Monday.
The last two weeks have seen volatility in PKR-USD parity. However, this change has not come as a surprise to analysts who predicted such trends in PKR’s exchange rate to the Dollar.
A.A.H Soomro, Managing Director at Khadim Ali Shah Bukhari Securities, said that remittances are still growing. Lesser travel, job-losses, and formal channels are keeping the trend up. This month, too, feels like another good one. Remittances of more than $2 billion may be expected in November, which will likely keep PKR well-under control.
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“There were some importers buying dollars to meet their payment obligations, which puts pressure on the rupee,” a foreign exchange dealer told ProPakistani last week.
On the side of other major currencies, PKR posted whopping gains of almost a rupee against the Euro, and Rs. 2.37 against the GBP yesterday, but it reversed that trend on Tuesday. PKR lost 80 paisas against the Euro and Rs. 2.11 against the GBP. Against the Australian Dollar, PKR lost 66 paisas, while the loss against the Canadian Dollar clocked in at 47 paisas.
