Pakistani Rupee’s Year Against the US Dollar as Curtain Closes on 2020 - Android

The Pakistani Rupee had a volatile 2020 after starting the year at Rs. 154.8795 against the US Dollar. The local… Read More

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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.

In the calendar year (2020), the lowest exchange rate that PKR-USD recorded was Rs. 154.1697 to the USD on February 14, 2020, and the highest exchange rate was Rs. 168.43 to the USD on August 26, 2020.

According to the financial analytics platform, Capital Stake, the year-to-date change in the Rupee was still down by Rs. 4.99 (or 3.22 percent) deterioration against the greenback. The month to date movement for the Rupee has also been downward with a loss of Rs. 0.41 in total (or 0.26 percent) against the USD. However, if compared with the 52-week high of Rs. 168.43, the domestic currency saw a recovery of 5.11 percent or Rs. 8.6 versus the dollar.

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Managing Director at Khadim Ali Shah Bukhari Securities, A.A.H Soomro, while commenting on the Rupee, said,

The year was initially stable going for a plunge all the way to Rs. 168 (due to ambiguity over Coronavirus and economic shutdown). However, flows from multilateral lenders, remittances growth, compressed imports & export resurgence has kept Rupee solid at Rs. 160.

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.

On a daily basis, from December 30 to 31, however, there has been a slight improvement in the interbank currency market, whereby the exchange rate moved from Rs. 160.28 to the USD on December 30, to Rs. 159.83 to the USD on December 31 (Thursday).

The Rupee has been posting consistent, albeit moderate, growth against the USD almost the entire week.

Against other major currencies, however, the Rupee has not been so lucky. Even the final trading day of the year saw the Rupee deteriorate against Euro by 17 paisas, against GBP by Rs. 1.48, against Australian Dollar by 72 paisas, and Canadian Dollar by 33 paisas.

With additional input by Jehangir Nasir

The post Pakistani Rupee’s Year Against the US Dollar as Curtain Closes on 2020 appeared first on .