Trend Continues as Rupee Dips Big Against All Currencies Again

The Pakistani rupee (PKR) once again posted losses against the US dollar in the interbank market today.

PKR improved substantially by Rs. 1.09 against the greenback on Monday. It deteriorated 10 paisas yesterday (Tuesday) and deepened that loss further with a 57 paisa erosion against the USD today.


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PKR traded between Rs. 161.00 and Rs. 162.22 today, before closing at Rs. 161.89 to the USD (28 July), down from Tuesday’s (27 July) exchange rate of Rs. 161.32 to the USD.

ImageAsad Rizvi, the former Treasury Head at the Chase Manhattan Bank, said that PKR fell yesterday because of higher imports. They are pushing the current account in the red. Adding, “In its MPS, SBP did talk of SDR $2.8 billion allocation, but it doesn’t mean funding will be provided without undertaking reforms. Low Tax to GDP is another cause of worry”.

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The PKR also posted blanket losses against the other major currencies in the interbank market yesterday and today after posting blanket improvements on the opening day of the week.

PKR lost massively by Rs. 1.43 against the Euro, substantially eroded by Rs. 2.43 against the British Pound (GBP), lost 53 paisas against the Australian Dollar (AUD), and deteriorated 59 paisas against the Canadian Dollar (CAD).


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The PKR also posted losses of 15 paisas against both the UAE Dirham (AED) and the Saudi Riyal (SAR) in the interbank currency market today.



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