The start of the week has shown mixed results for the Pakistan Rupee in theinterbank 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 thecurrency closed the trade at Rs. 160.71 as compared with Friday’s closingof Rs. 160.08.
The rupee traded within a range of 47 paisas per USD, showing an intradayhigh bid of 160.71 and an intraday low offer of 160.27.——————————
However, the local currency gained Rs. 3.5 against the Pound Sterling asthe day’s closing quote stood at Rs. 213.29 while during the previoustrading 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, andare likely to remain in similar ranges in short term. No macro-risks areimminent. Tight range Rs. 160sh to continue.
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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 interestrates. Interest rates may be raised by the 2nd half of 2021 if theinflation goes up. Better exports and investments are expected next yearwhich would keep the parity in check within a range.
