Rupee Maintains Its Position Against All Major Currencies
The Pakistani Rupee held its ground against the US Dollar during the second day of the current week. Today, the PKR showed a marginal loss of approximately 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 after Christmas. However, the interbank market does get its impact from the American and English culture of celebrating a holiday the first weekday, and in some regions, the entire week after Christmas. As a result, there is relatively thin trading until New York opens, when liquidity comes on tap.
The market opened with high demand for foreign currency for import and corporate payments during this week as the market had witnessed dollar supply in the shape of workers’ remittances and export receipts.
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 the financial 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. Against GBP, PKR gained 69 paisas in the interbank market today, which came after a loss of 9 paisas yesterday. The past week saw notable volatility with up and downshifts in the range of Rs. 2-3 or even higher. PKR gained 11 paisas against the Australian Dollar today, after a loss of 35 paisas yesterday.
Against the Canadian Dollar, PKR’s loss today was 20 paisas piling over the loss of 24 paisas yesterday, while against the Euro, PKR lost 34 paisas today after losing 55 paisas yesterday. Against UAE Dirham and Saudi Riyal, PKR lost less than a paisa in the currency market on Tuesday.