Last Updated on: 8th July 2023, 01:20 am
The Pak Rupee (PKR) posted significant consecutive losses against the US dollar (USD) this week. It crossed Rs. 156 on Monday, deepening losses on Tuesday and closed at nearly Rs. 157 today.
Today (Wednesday, June 16) it closed at Rs. 156.96 USD versus USD at the end of the trading day, 17 countries down from Rs. 156.78 yesterday (Tuesday, June 15).
Yesterday it had reached the highest exchange rate against the USD in two years. It had lost 0.44 percent (70 paisas) in value and is now trading in excess of rupees 157 Exchange rate for the day before close of business just below.
Experts believe that payment pressures will arise from debt servicing and the recovery of imports, which in turn will result from improving economic activity and rising international raw material prices.
Also Read: Pak Rupee started to fall again versus the US Dollar
As companies and importers buy dollars to import raw materials, machinery, and equipment and place their orders after the Federal Budget 2021/22 is announced, they will continue to push the rupee down, they believe the interbank currency market.
Traders said payments tend to be higher in late June as companies rush to settle foreign bills and debts.
PKR also posted general losses in the interbank foreign exchange market against the other major currencies, with the exception of the Canadian dollar (CAD), on which it posted a nominal gain of 1.5 paisas.
It lost 29 countries against the euro, 64 countries against the British pound (GBP), and 38 countries against the Australian dollar (AUD). It also posted losses of 4.7 paisas against the UAE dirham (AED) and the Saudi riyal (SAR) in today’s interbank currency market.
