The Pakistani Rupee (PKR) lost its ground from last week’s position in the interbank currency market. The local unit lost 19 paisas against the US Dollar (USD) today.
Today (16 August), the PKR traded closed at Rs. 164.19 to the USD, as compared to Friday’s (13 August) closing at Rs. 164.00 to the USD.
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Asad Rizvi, the former Treasury Head at the Chase Manhattan Bank, said earlier in the day, while considering the developments unfolding in Pakistan’s neighbor, Afghanistan, “Market could be choppy, as normal business activity is expected to sharply slowdown for some time. But KP market could be the beneficiary.”
He added, “Exporters & diaspora should take note, this should help PKR vs [USD].”
The local unit also posted almost blanket losses against the other major currencies in the interbank currency market today.
It lost 97 paisas against the Euro, Rs. 1.26 against the Pound Sterling (GBP), and 13 paisas against the Australian Dollar (AUD). However, it improved by nearly 12 paisas against the Canadian Dollar (CAD).
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PKR also posted losses of nearly 5 paisas against both the UAE Dirham (UAE) and the Saudi Riyal (SAR) today.
Editorial & Legal Practice Group
Authored and reviewed by the corporate law and tax litigation practice group at Javid Law Associates. Our team comprises High Court advocates, corporate legal advisors, and authorized tax practitioners across Pakistan.
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Jurisdiction: Pakistan