Pakistani Rupee posted a loss of only 1 paisa against the US Dollar in the interbank market today, after losing 18 and 15 paisas on Monday and Tuesday, respectively.
PKR closed at 160.48 on Wednesday (December 9) as compared to Rs. 160.47 on Tuesday.
The last two weeks have seen volatility in the PKR-USD parity. However, since the beginning of the current week, PKR has been nominally losing. Nevertheless, this change has not come as a surprise to analysts who predicted such trends in PKR’s exchange rate to the dollar.
The demand for the dollar is there as importers are coming to the market to meet their payment obligations.
On the side of other major currencies, PKR posted almost a whole rupee loss against the GBP, with a loss of 95 paisas. The beginning of the current week has seen PKR deteriorate against most major currencies, albeit at a different pace from day-to-day. Today, the loss for PKR against the Euro was minimal, 3 paisas, but it lost 47 paisas to the Australian Dollar. Against Saudi Riyal and UAE Dirham, PKR was able to somewhat maintain its position.