Last Updated on: 16th July 2023, 04:56 am
PKR comes back to stability after consecutive 2 days of fall versus USD on Wednesday as the interbank market improved.
The rupee closed at Rs. 155.69 against the US dollar at the end of today’s trading day (Wednesday, June 9th), up to nine paisas against Rs. 155.78 per dollar yesterday (Tuesday, June 8th).
In the first two days of the current week, the PKR recorded significant losses in 70 and 47 countries, respectively.
Last month, since May 7th, the PKR was around Rs. 3.11 against the USD and also exceeded Rs. 155 on Monday for the first time since March 25, 2021.
Also Read: PKR Again Witnesses Another Big Fall Versus The US Dollar (USD)
Today, however, the PKR has shown some stability in the interbank foreign exchange market. Regarding the recent PKR crash, Khadim Ali Shah Bukhari Securities Managing Director AAH Soomro told the online newspaper that “the pressure on the currency will ease when the economy opens, imports grow faster than exports and the REER at 103. He 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 it below Rs. 160 anytime soon is likely under political pressure,” he explained.
Today’s improvement could also have been caused by the upward revision of growth projections based on the World Bank’s latest flagship report. PKR also showed strength against most of the other major currencies in the interbank foreign exchange market today, following overall losses yesterday.
It lost five countries against the euro and 43 countries against the British pound (GBP); however, it posted gains from four countries against the Australian dollar (AUD) and 15 countries against the Canadian dollar (CAD).
In addition, the PKR reversed its course against the UAE dirham (AED) and Saudi riyal (SAR), recording two-country wins each.
