Rupee Loses Ground Against All Major Currencies


Pakistani Rupee lost 8 paisas against the US Dollar in the interbank currency market on Tuesday. This comes after a h19 paisa loss for PKR against the greenback on the opening day of the week.

PKR closed at Rs. 160.60 to the USD on Tuesday (January 19) compared to Rs. 160.52 on Monday.

Yesterday, due to MLK day, the New York trading was closed, and the banks did not receive funds in their Nostro accounts (i.e., accounts that a bank holds in a foreign currency in another bank). Today, after the market operations closed in Pakistan, PKR showed a valuation of Rs. 160.60 against the US Dollar.

Against most other major currencies, PKR has been gaining for most of the current calendar year. While Monday’s tally continued the trend, Tuesday saw PKR erode against every major currency in the international currency market.

PKR lost 71 paisas to the Euro on Tuesday after gained 61 paisas on Monday. Against GBP, PKR lost 96 paisas today after posting a significant improvement of Rs. 1.52 on Monday.

Against the Australian Dollar, PKR deteriorated by 74 paisas on Tuesday after a gain of 83 paisas on Monday, and against the Canadian Dollar, PKR lost 59 paisas today, having gained 86 paisas on the opening day of the week.

Against both UAE Dirham and Saudi Riyal, PKR has been slowly but consistently posting losses. Today’s erosion for PKR against both these currencies was 2 paisas, after 4 paisas loss on Monday.

Source: Propakistani