Pakistani Rupee witnessed significant drop against US dollar

Pakistani Rupee witnessed significant drop against US dollar

The start of the week has shown mixed results for the Pakistan Rupee in the interbank market.

On the first trading day of the current week, the Pakistani rupee (PKR) lost 62 paisas against US Dollar (USD) in today’s interbank session as the currency closed the trade at Rs. 160.71 as compared with Friday’s closing of Rs. 160.08.

The rupee traded within a range of 47 paisas per USD, showing an intraday high bid of 160.71 and an intraday low offer of 160.27. ------------------------------

However, the local currency gained Rs. 3.5 against the Pound Sterling as the day’s closing quote stood at Rs. 213.29 while during the previous trading session, it was closed at Rs. 216.80.

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. 160sh to continue.

According to a foreign exchange dealer, there were some import payments, which pushed the demand for the greenback a little higher.

Alpha Beta Core CEO, 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.