The Pakistani Rupee held its ground against the US Dollar during the secondday of the current week. Today, the PKR showed a marginal loss ofapproximately 1 paisa against the USD, after a loss of 5 paisas yesterday.
The small losses may partially be due to the extended Christmas holidays.Most major markets and brokers reopen on the first working day afterChristmas. However, the interbank market does get its impact from theAmerican and English culture of celebrating a holiday the first weekday,and in some regions, the entire week after Christmas. As a result, there isrelatively thin trading until New York opens, when liquidity comes on tap.——————————
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The market opened with high demand for foreign currency for import andcorporate payments during this week as the market had witnessed dollarsupply in the shape of workers’ remittances and export receipts.
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PKR closed with a loss of 1 paisa on Tuesday (December 29), closing at Rs.160.39 to the USD as compared to Rs. 160.38 on Monday, according to thefinancial analytics platform, Capital Stake.
Against other major currencies, PKR has been consistently posting losses,but that trend shifted against the GBP and Australian Dollar today. AgainstGBP, PKR gained 69 paisas in the interbank market today, which came after aloss of 9 paisas yesterday. The past week saw notable volatility with upand downshifts in the range of Rs. 2-3 or even higher. PKR gained 11 paisasagainst the Australian Dollar today, after a loss of 35 paisas yesterday.
