Rupee Posts a Small Loss on First Trading Day After Holidays
The Pakistani Rupee held its ground against the US Dollar almost the entire past week and somewhat on the opening day of the current week. Today’s movement of the PKR against the USD showed a loss of 5 paisas.
This 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.
PKR closed with a loss of 5 paisas on Monday (December 28), closing at Rs. 160.37 to the USD as compared to Rs. 160.31 on Thursday (December 24).
Against other major currencies too, PKR posted losses. PKR lost 55 paisas against Euro. Against GBP, PKR lost 9 paisas, which comes after a very volatile week with up and downshifts in the range of Rs. 2-3 or even higher. PKR also lost 35 paisas to the Australian Dollar and 24 paisas Canadian Dollar. Against UAE Dirham and Saudi Riyal, PKR lost 1.5 paisas and almost 1 paisa, respectively.