The Pakistani rupee further weakened against the USD on Wednesday. This is the second consecutive day where the rupee has fallen after a 22-day winning streak against the greenback.
In the interbank market, the rupee closed at 159.83 per dollar, compared to yesterday’s closing of 158.31. It lost Rs. 1.52 against the greenback during the session.
The rupee depreciated by Rs. 2 and was trading around 160.30 versus the greenback in the open market.
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PKR weakened by 1.2% intraday on a high/low basis, making it the most volatile in the last five months. The rupee traded at the highest of 158.25 and the lowest at 160.10 today, said Komal Mansoor from Tresmark, an application that tracks financial markets.
In our research dated 7th Nov, our research team had pointed out major support at 158.10. Bankers talking with our research team have said the jump may be temporary as banks were covering their short positions in the market. An anonymous source at SBP said it’s a “market-driven correction”.
A.A.H Soomro, Managing Director at Khadim Ali Shah Bukhari, told ProPakistani that the correction is needed.
“One-way trajectory was not sustainable as imports rise. SBP’s TERF financing would lead to more machinery imports worth. Ripe time for SBP to ward-off speculators and save for the rainy day,” he added.
Despite consistent inflows of foreign exchange in the country due to overseas remittances and Roshan Digital Accounts along with export receipts, and a surge in foreign direct investment, the Pakistani rupee came under huge pressure today.
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I think USD will fluctuate and stay around 157-158 PKR if everything is in our favor.
Most bankers and bond holders are taking their investments away….
2021 will see rupee at 170 – 180 against dollar!
Topi drama
insha’Allah hamara Khan jate jate 300 tak pohancha k he jaye ga aur insha’Allah agle time hamara Khan 1000 tak rupey ko gira k dam le ga
Mere Pakistanio! Ab thora thora gabrana sharoh kr do
Kuion k Ab main b gabra raha hoon.
Tweet by PM
… hehehe
I agree with Mr tattan Khan in comments below.
Niazi dabo k dum le ga.
And I voted for the guy.
What a mistake
Pakistanis not even happy when exchange rate improves. This country deserves zardaris and parwaris
نیازی صاب اللہ کرے آپکی اور آپکو اس ملک پر مسلط کرنے والوں کی جائز اور ناجائز اگلی نسلیں بھی ایسے ہی روئیں جیسا آپ نے اور آپکی نا اہل ٹیم نے اس ملک کی غریب عوام کو رلایا ہے. میں نے آپکو ووٹ دیا تھا اور اس غلطی پر بہت شرمندہ ہوں.. 😢
Dollar is droping value, exports improved. Textile revived, surgical and leather sector again revived. Construction boom every one witnessed. Thanks to imran khan and its compitant team. Proud to vote for pti.
Shame on you all who are criticizing Imran khan and Pti government you all were sleeping or died when recently rupee was getting better,now it came bit downand you all are awake from your graves ! Actually rupee is not Loss strength,you people already lost in your minds, Shame once again !!!
Rupee was getting better because USD was drowning due to elections, not because of IK, and Rupee was getting better in “Paisa” while drowning in Rupees.
Just like the petrol rates, when they try to decrease the cost, its 1 or 2 rupee, but when they increase the cost, it will be 25.
Feel the difference!
جس قدر پاکستانی کمیونٹی معصوم اور باتوں میں آنے والے ہیں شاید کسی دنیا کی اور قوم ہو جرنیلوں جن کو چیف آرمی سٹاف کہتے ہیں جنرل ضیاء الحق سے شروع ہو جائیں آج تک ایک سے بڑھ کر ایک عوام دشمن اور اپنی ماں کی غلطی کا بدلہ اس ملک اور قوم سے لے رہا ہے مجھے کرپشن سے لڑتے 1975 سے دیکھ رہا ہوں کہ جس عوام دشمن کرپٹ کو ہاتھ ڈالا اور جیل بجھوا یا پتہ چلا جی ایچ کیو میں غریب کنواری سپلائی کرتا ہے یہ کشمیر آزاد کروایی گے 22کروڑ عوام کو مار دیا ڈالر جوا کھیل کر عمران خان اور باجوہ نے اربوں روپے ماہانہ کی کرپشن کے شبوت دیے 2سال ضائع کر دیے عمران خان نے کچھ نہیں کیا
Everyone can understand how the value of rupee is established now, thanks to Imran Khan and his economic team giving media briefings. But some people will not learn… anyhow, one can see black markets and mafias have a less bright future here I.A ..
Weldon PM Imran Khan
Pak Rupees is improving Alhamdulillah and the Exchange rate would be PKR 140 against USD after January 2021 InshaALLAH
Hore Choopo
It is a long process keep patience follow the right path and don’t derail the system.
PKR weakened by 1.2% intraday on a high/low basis, making it the most volatile in the last five months. The rupee traded at the highest of 158.25 and the lowest at 160.10 today, said Komal Mansoor from Tresmark, an application that tracks financial markets.
When rupee was artificially stabled by selling reserves from taking loans , those times were acceptable.
Yep those times were better much much better than Just taking loans, and Doing Nothing, except Biyan bazi & Dramay Bazi!
Imran khan should be given 30 more years . After that this nation would have a right to criticize.
Now Why imran khan are not doing tweet on Depreciation of Rupees ? when was appreciated in RS then PTi team were regularly tweet.
Ma ne 2 month pehle 50 dollars at rate of 165rs/dollar buy kye the ab 158rs/per dollar hai pkr ki value pehle se increaae hui hai
Why the value of rupee decreases day by day
Rupee will drop further against the dollar $ due to certain reasons, the first one is the second phase of returning back the Saudi loan with 3% interest .