The Pakistani Rupee once again posted losses on the opening day of the week against the US Dollar, closing near Rs. 166.
Last week, PKR jumped over Rs. 166 to the USD, but managed to recover somewhat and closed at Rs. 165.62 to the USD on Friday (August 27). Today, PKR traded between Rs. 166.27 and Rs. 166.67 to the USD before closing at Rs. 165.96. This is a deterioration of 34 paisas on the opening day of the week.
Former Treasury Head at Chase Manhattan Bank, Asad Rizvi, tweeted, “Suspension of price increase of Changan Cars on Govt is a move in the right direction.”
He added, “Though shipping cost started surging from October 2020 onwards, weak PKR is causing inflation.”
The PKR also posted blanket losses against other major currencies in the interbank currency market.
It lost Rs. 1.15 to the Euro, Rs. 1.48 the Pound Sterling (GBP), 97 paisas against the Australian Dollar (AUD), and 88 paisas against the Canadian Dollar (CAD).
The PKR also posted losses of almost 9 paisas against both the UAE Dirham (AED) and the Saudi Riyal (SAR) today.