Pakistani Rupee stabilises against US dollar
After a sudden drop in the Pakistani Rupee’s value against the US Dollar on the first day of the week, PKR held its ground today.
Yesterday, PKR lost 62 paisas against the USD, while in today’s interbank session, PKR closed with a gain of 3 paisas, trading at Rs. 160.67 on Tuesday (December 22) as compared to Rs. 160.71 on Monday.
Against other major currencies, PKR lost almost 12 paisas against the Euro, adding to yesterday’s gain of 19 paisas. Against the GBP, PKR lost Rs 2.48 after gaining Rs. 3.5 on Monday.
A.A.H Soomro, Managing Director at Khadim Ali Shah Bukhari Securities, while commenting on the Rupee said, “Demand for imports is rising. These are minor panic, less volatility, and are likely to remain in similar ranges in short term. No macro-risks are imminent. Tight range Rs. 160-ish to continue.”
CEO Alpha Beta Core, Khurram Shehzad, told ProPakistani, “PKR/USD is expected to move gradually based on inflation and interest rates. Interest rates may be raised by the 2nd half of 2021 if the inflation goes up. Better exports and investments are expected next year, which would keep the parity in check within a range.”