Last Updated on: 9th July 2023, 09:55 am
Pak Rupee started to fall again versus the US Dollar
The Pakistani rupee (PKR) resumed its deteriorating trend against the US dollar (USD) today (Thursday, June 10th) and almost broke the rupee 156 exchange rate limit.
At the end of today’s trading day, it closed at Rs 155.91 against the USD, 22 paisas against yesterday Wednesday (Wednesday, June 9th) at Rs 155.69 per dollar. In the first two days of the current week, the PKR had recorded significant losses of 70 paisas and 47 paisas, respectively. Yesterday it had posted an improvement of nine paisas.
Regarding the recent PKR case, Khadim Ali Shah Bukhari Securities’ executive director AAH Soomro told ProPakistani that “the pressure on the currency will ease when the economy opens, imports rise faster than exports and REER up 103”.
He said the trade deficit is nearing the red zone with high oil prices, TERF imports, economic recovery, and food spikes.
“However, referrals and RDAs are strong. Therefore, under political pressure, it is likely to stay below 160 rupees for the foreseeable future,” he said.
Yesterday’s improvement could also be due to the upward revision of growth forecasts, according to the World Bank’s latest flagship report.
The PKR showed mixed results against most of the other major currencies in the interbank currency market today. It gained five paisas against the euro and posted notable gains of Rs. 1.16 against the British pound (GBP).
Also Read: PKR Again Posts Big Loss Versus USD in The Interbank Market
It also appreciated against the Canadian dollar (CAD) by six paisas but recorded a loss of four paisas against the Australian dollar (AUD).
The PKR also continued its losing streak against the United Arab Emirates dirham (AED) and Saudi riyal (SAR), recording losses of five and six paisas to them, respectively.
