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Pakistani Rupee Loses Against the US Dollar Despite Gaining Big Against Euro and GBP

Pakistani Rupee posted a loss of 18 paisas against the US Dollar in the interbank market today, after posting a slight gain of 3 paisas on Friday last week.

PKR closed at 160.32 on Monday (December 7) as compared to Rs. 160.13 on Friday.

The last two weeks have seen volatility in PKR against the greenback. However, this change has not come as a surprise to analysts who predicted such trends in PKR’s exchange rate to the Dollar.


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A.A.H Soomro, managing director at Khadim Ali Shah Bukhari Securities said,

Remittances number are still growing. Lesser travel, job-losses & formal channels keeping the trend up. This month, too, feels like another good one. Expecting another $2.1-2.2 billionn in November. PKR well-under control.

“There were some importers buying dollars to meet their payment obligations, which puts pressure on the rupee,” a foreign exchange dealer told ProPakistani last week.

Experts expect the rupee to likely stay range-bound in the coming days. “The trading range for the local currency for this month should be 159-161,” added a dealer.

Other factors, such as fiscal reforms, uninterrupted flow of liquidity, may also contribute to the volatility of PKR against USD. IMF and FATF can also impact the exchange rate movement.

However, as compared to other currencies, the Pakistani Rupee posted whopping gains on Monday. Gaining almost a rupee gain against the Euro, on Monday, PKR gained 95 paisas to the Euro and gained Rs. 2.37 against the GBP. PKR also gained against the UAE Dirham by 5 paisas and against the Australian Dollar by 37 paisas.

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While PKR’s exchange rate may continue to fluctuate during the current week, the overall currency movement hints towards strengthening of PKR.

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