Last Updated on: 26th June 2023, 12:05 pm
Pak Rupee again witnesses another big fall versus the US dollar (USD) in the interbank market for the second day of this week.
The PKR rupee was closed at Rs. 155.78 against the US dollar at the end of today (Tuesday, June 8), a sharp drop of 47 paisas against the rupee. 155.31 a dollar yesterday (Monday, June 7th).
On June 7th, the PKR posted a loss of 70 paisas against the dollar and also crossed the Rs line. 155 Exchange rate for the first time since March 25, 2021.
Last month, since May 7, the PKR has increased by Rs. 3.11 against the US dollar (USD).
Also Read: PKR Again Posts Big Loss Versus USD in The Interbank Market
A. A. H. Soomro, managing director of Khadim Ali Shah Bukhari Securities, told an online newspaper that “the pressure on the currency will ease as the economy opens, imports grow faster than exports and the REER at 103.”
Soomro also said the trade deficit is nearing the Red Zone with high oil prices, TERF imports, economic recovery, and food exemptions.
“However, referrals and RDAs are strong. Keeping yourself below Rs. 160 anytime soon is likely under political pressure,” he explained.
Distributors are seeing increased demand for dollars due to the fiscal year ending June 30, 2021, which is expected to keep the pressure on the local entity.
The PKR also posted losses against most of the other major currencies in the interbank foreign exchange market today. It fell significantly against the euro in almost 87 countries, lost 97 countries against the British pound (GBP), lost 38 countries against the Australian dollar (AUD), and lost 51 countries against the Canadian dollar (CAD).
In addition, the PKR also lost nearly 12 countries each to the United Arab Emirates dirham (AED) and the Saudi riyal (SAR).
