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Rupee Loses Against Dollar but Maintains Stability Against Major Currencies

Following a blanket gain against all major currencies yesterday, the Pakistani Rupee gained against most major currencies in the interbank market today, recording the highest jump against the Euro with Rs. 1.04, but it also had a downward movement against the US Dollar.

The PKR lost 15 paisas to the greenback on Friday (January 8) after gaining 3 paisas yesterday. The final trading day of the first week of 2021 saw it at Rs. 160.17 on Friday against the USD, as compared to Rs. 160.01 on Thursday. This is down from Rs. 160.29 to the US Dollar on Wednesday.

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The PKR showed improvement in the exchange rate against other major currencies on Friday. It gained Rs. 1.04 to the Euro while accumulating a 66 paisas gain yesterday, gained 15 paisas to the GBP while adding on to a gain of 99 paisas yesterday, and posted a gain of three paisas to the Australian Dollar after yesterday’s improvement of 35 paisas.

However, the PKR lost six paisas Against the Canadian dollar today after a gain of 35 paisas yesterday. It also posted a loss of four and six paisas against the UAE Dirham and the Saudi Riyal respectively.


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The Managing Director at Khadim Ali Shah Bukhari Securities, A. A. H. Soomro, expects a steady rate until May-June of 2021. He has predicted that the parity will stay around the Rs. 164-165 level as low oil prices, higher remittances, and the COVID-19-induced Current Account savings will keep the foreign exchange reserves and the Rupee with a comfortable margin.

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