After losing 14 paisas against the US Dollar on the first trading day ofthe year, the Pakistani Rupee lost another 35 paisas on Tuesday.
The second shift for the Pakistani Rupee’s exchange rate against the USDollar in 2021 came as a loss of 34.93 paisas on the second day of theweek, where PKR closed at Rs. 160.32 on Tuesday (January 5) against the USDas compared to Rs. 159.97 on Monday.
This is down from Rs. 159.83 to the USD on the last trading day of 2020(December 31, 2020).——————————
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PKR deteriorated against other major currencies as well on Tuesday.
On Monday, PKR had gained 38 paisas against the Euro in the interbankmarket, which reversed into a loss of 41 paisas today. PKR also lost 10paisas to the Australian Dollar adding to yesterday’s loss of 24 paisas andlost 9.5 paisas each to the UAE Dirham and Saudi Riyal, adding toyesterday’s loss of 3 paisas and 4 paisas, respectively.
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The gains today (Tuesday) for PKR came from the GBP and the CanadianDollar. PKR posted gains of Rs. 1.15 to the GBP after yesterday’s loss of35 paisas.
PKR also gained 21 paisas to the Canadian Dollar reversing the loss of 45paisas yesterday, financial analytics platform Capital Stake’s data showed.
The Pakistani Rupee had a volatile 2020 after starting the year at Rs.154.8795 against the US Dollar. The local currency ended the year at Rs.159.83 against the greenback after touching an all-time low of Rs. 168.43during the year.
Managing Director at Khadim Ali Shah Bukhari Securities, A.A.H Soomro,expects a steady rate till May-June of 2021. He predicted the parity tostay around Rs. 164-165 level as low oil prices, higher remittances, andthe COVID-19 induced Current Account savings would keep the foreignexchange reserves and the Rupee with a comfortable margin.
