During today’s trade, the Pakistani rupee witness another drop by Rs. 34 paisas.
The PKR fell 34 paisas against the US dollar today, closing at Rs. 153.698 at the end of the trading day (Monday, May 23), down from Rs. 152. 356 on Friday (21 May). Over the last week, the Pakistani rupee (Rs. 1.07) has lost over a rupee (Rs. 1.07) against the US dollar, and this week’s depreciation has pushed it even lower.
Former Treasury Head at Chase Manhattan Bank, Asad Rizvi said that real growth figures would be verified only after the fourth-quarter trade data and other indicators are available. He wrote on Twitter that trade figures, current account figures, balance of payments figures, and remittances figures, among other things, are required “for confirmation of real growth figure” and to predict “PKR’s next move.”
As per the dealers, the recent deterioration was caused by increased demand for the USD by importers and companies. They said that the local currency was under pressure, despite the fact that steady dollar inflows from Pakistanis living abroad had kept the rupee stable.
Rupee’s performance against other major currencies was mixed. The Rupee lost 9 paisas against the Euro but gained 20 paisas against the Pound Sterling (GBP). The Pakistani rupee (PKR) gained 14 paisas against the Australian Dollar (AUD) and nearly 40 paisas against the Canadian Dollar (CAD).