Rupee Drops to An 11-Month Low Against the US Dollar

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The Pakistani Rupee (PKR) fell to an 11-month low against the US Dollar (USD) today.

It extended its recent sequence of posting losses versus the greenback in the interbank market, closing above 165 against the USD — its lowest since 30 September 2020. The local unit depreciated by 0.47 percent (Rs. 0.77) to close at Rs. 165.20 against the dollar.

 


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While commenting on the rupee, the Managing Director at Khadim Ali Shah Bukhari Securities, A.A.H Soomro, said,

Currency is under mild pressure due to continuing imports. Stability still hasn’t gotten out of hand. Govt is rightly not throwing Dollars away and letting market forces manage. There are no signs of Rs 170 being touched in the next couple of months yet.

The former Treasury Head at the Chase Manhattan Bank, Asad Rizvi, commented during the start of the trading that,

IMF allocation of $2.77 billion will push SBP reserves to $20.4 billion. But it’s conditional money to support the coronavirus crisis and not for use in the fiscal space. Economic reforms cannot be delayed nor can be used for debt restructuring.

He added that the PKR could trade in a wide range due to Afghanistan’s uncertainty.


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The rupee repeated yesterday’s trend of blanket losses against the other major currencies. It lost Rs. 0.95 against the Euro, Rs. 1.88 against the Pound Sterling (GBP), Rs. 1.48 against the Australian Dollar (AUD), and Rs. 1.75 against the Canadian Dollar (CAD).

It also posted losses of 21 paisas against the UAE Dirham (AED) and 20 paisas against the Saudi Riyal (SAR) today.



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