The Pakistani Rupee (PKR) continued its losing streak against the US Dollar. On Monday, the rupee fell by nearly 45 paisas against the greenback, closing at the lowest level (and highest exchange rate) since October 7, 2020.
This shows a fall of 3.9 percent for the rupee since January 2021, and 7.1 percent since its recent appreciation on May 14, 2021.
PKR traded between the lowest exchange rate of Rs. 163.20 to the USD and the highest exchange rate of Rs. 164.42 to the USD before closing at Rs. 163.90 to the USD on Monday (9 August). This is 44 paisas down from Friday’s closing at Rs. 163.45 to the USD (6 August).
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Asad Rizvi, the former Treasury Head at the Chase Manhattan Bank, said earlier in the day, “This is an important week as release of remittances data will set the FY22 tone.”
He added, “Like others experts, I do not see inflow [slowing] down. July remittances numbers are critical [because] of long M/E holidays due to Eid-al-Adha. Anything around $2.5 billion-plus will set the ball rolling.”
Despite the downward movement against the USD, the local unit had a somewhat successful day against other major currencies in the interbank currency market today.
It gained 31 paisas against the Euro, 41 paisas against the Pound Sterling (GBP), 43 paisas against the Australian Dollar (AUD), and 6 paisas against the Canadian Dollar (CAD).
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However, PKR posted losses of 12 paisas against the UAE Dirham (UAE) and of 11 paisas against the Saudi Riyal (SAR).
