The streak of deterioration of the Pakistani Rupee against almost all major currencies on Monday continued on the second day of the week, albeit with a lower intensity. The only notable reversal came with PKR recovering Rs. 1.2 against the GBP.
PKR lost 11 paisas to the USD today (Tuesday, December 15), closing at Rs. 160.59 against the greenback in the international currency market as compared to Rs. 160.47 to the USD on Monday (December 14).
Last week saw PKR post notable gains against the GBP and remain mostly fluctuating against the USD.
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On Tuesday, PKR lost 11 paisas to the USD compounding on the 33 paisas loss on Monday, lost 3 paisas to Euro over 78 paisas loss yesterday, and lost 61 paisas to Australian Dollar after the loss of 90 paisas yesterday.
Against Canadian Dollar, UAE Dirham, and Saudi Riyal, each PKR posted slight losses of 2, 3, and 3 paisas, respectively. Against GBP, however, PKR recovered in the interbank market today.
While the loss in the interbank market for the past two days is a piece of bad news for PKR in general, the exchange rate against the USD seems to remain within the projected limits by experts and traders.
While the increasing cases of COVID-19 in the country are putting downward pressure on PKR, at the same time, rising remittances from overseas Pakistanis coupled with the incoming foreign exchange through Roshan Digital Account is likely to keep the exchange rate from shooting up too much.
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