Pakistani Rupee Witnesses an Even Greater Drop Against the GBP and Other Currencies

Pakistani Rupee lost against all major currencies in the interbank market today. Last week saw PKR post notable gains against the GBP and remain mostly fluctuating against the USD.

On the first trading day of the current week, however, PKR lost 33 paisas to the US Dollar, 78 paisas to Euro, Rs. 3.6 to GBP, 90 paisas to Australian Dollar, 43 paisas to Canadian Dollar, and 9 paisas to UAE Dirham and Saudi Riyal each.

In terms of the exchange rate, PKR closed at Rs. 160.47 to the USD on Monday (December 14), as compared to Rs 160.13 per USD on Friday (December 11).

While the steep loss in the interbank market today is a piece of bad news for PKR in general, the exchange rate against the USD seems to remain within the projected limits by experts and traders.

While the increasing cases of COVID-19 in the country are putting downward pressure on PKR, at the same time, rising remittances from overseas Pakistanis coupled with the incoming foreign exchange through Roshan Digital Account is likely to keep the exchange rate from shooting up too much.