US Dollar (USD) continues to set new records against Pakistani Rupee (PKR) as the rupee continues to depreciate further after Eid.
The value of the US dollar against the rupee touched another all-time high for the second consecutive day, reaching approximately Rs. 157 in the interbank market during intraday trading on Friday, marking an Rs. 4.10 decline in value compared to yesterday’s close at Rs. 152.90.
It was being traded at about Rs. 156.50 in the open market.
On Thursday, the Pakistani rupee continued to weaken against the US dollar, shedding Rs. 1.33 in the interbank market.
According to currency dealers, the dollar’s rise has increased because multinational companies are taking profits out of the country as the book closing date is approaching, which is June 30th, stated a private media outlet.
The demand for the dollar has increased, putting the interbank market under pressure, whereas the open market is just mimicking the former.
Pakistan is also scheduled to make most of the external debt repayment and interest payment by the end of June.
The State Bank of Pakistan (SBP) reported that “during the week ended June 3, 2019, the SBP’s reserves decreased by $55 million to $7.8 billion due to payments on account of external debt servicing.”
The overall liquid foreign currency reserves, held by the country, including net reserves held by banks other than the SBP, stood at $14,826.9 million. Net reserves held by banks amounted to $7,019.7 million.