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Rupee Posts Blanket Gains Against All Major Currencies

Pakistani Rupee gained against all notable seven currencies in the interbank market today, recording the highest jump against the GBP with 99 paisas. This comes after a loss against most major currencies yesterday.

PKR gained 3 paisas against the greenback yesterday. However, PKR posted a gain of 27 paisas against the USD today. The fourth trading day of the first week of 2021 saw the PKR closing at Rs. 160.01 on Thursday (January 7) against the USD as compared to Rs. 160.29 on Wednesday.


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However, PKR is yet to reach Rs. 159.97 to the dollar, with which it opened the year on Monday.

Against all other major currencies as well, PKR improved in the exchange rate on Thursday.

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PKR gained 66 paisas to the Euro after losing 90 paisas yesterday, gained 99 paisas to the GBP after losing the same amount yesterday, gained 35 paisas to the Australian Dollar after yesterday’s loss of approximately Rs. 1.2, and posted a gain of 35 paisas to the Canadian Dollar reversing on the loss of 80 paisas yesterday.

PKR also posted a gain, albeit negligible, of less than a paisa against AED and 1 paisa against SAR.

According to the latest data released by the State Bank of Pakistan (SBP), total liquid foreign reserves held by the country stood at $20.512 billion as of December 31, 2020.


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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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