Pakistani Rupee Continues to Lose Value Against the US Dollar - Android

After losing 14 paisas against the US Dollar on the first trading day of the year, the Pakistani Rupee lost… Read More

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After losing 14 paisas against the US Dollar on the first trading day of the year, the Pakistani Rupee lost another 35 paisas on Tuesday.

The second shift for the Pakistani Rupee’s exchange rate against the US Dollar in 2021 came as a loss of 34.93 paisas on the second day of the week, where PKR closed at Rs. 160.32 on Tuesday (January 5) against the USD as 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 interbank market, which reversed into a loss of 41 paisas today. PKR also lost 10 paisas to the Australian Dollar adding to yesterday’s loss of 24 paisas and lost 9.5 paisas each to the UAE Dirham and Saudi Riyal, adding to yesterday’s loss of 3 paisas and 4 paisas, respectively.

The gains today (Tuesday) for PKR came from the GBP and the Canadian Dollar. PKR posted gains of Rs. 1.15 to the GBP after yesterday’s loss of 35 paisas.

PKR also gained 21 paisas to the Canadian Dollar reversing the loss of 45 paisas 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. 168.43 during 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 to stay around Rs. 164-165 level as low oil prices, higher remittances, and the COVID-19 induced Current Account savings would keep the foreign exchange reserves and the Rupee with a comfortable margin.

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