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Rupee Depreciates Against the US Dollar Despite Columbus Day

The Pakistani Rupee (PKR) lost 21 paisas against the US Dollar (USD) and closed at 170.74 today.

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On Friday, PKR appreciated against the US Dollar for the second consecutive day. It gained 34 paisas against the US Dollar and closed at 170.53.

The local currency slid against the USD to 170.96 last week, its lowest level ever.

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Today was a holiday in the US, which is why trading was dull in the market.

The former Treasury Head of Chase Manhattan Bank, Asad Rizvi, said that the market would not be active today and thin trading was expected.

A foreign exchange trader at a commercial bank told Geo News, “I anticipate we will see some sluggish activity on the demand side, and inflows are likely to balance the demand for the US currency from manufacturing and oil importers”.

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“The range for the rupee should be 170-71 in the coming week,” he added.

Meanwhile, the benchmark KSE-100 index fell below the 44,000 mark today. The Pakistan Bureau of Statistics’ Sensitive Price Indicator for the week ended on 7 October recorded an increase of 12.94 percent year-over-year.

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