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Rupee Closes the Week With A Massive Drop Against Major Currencies

The Pakistani Rupee (PKR) continued its losing streak against the US Dollar from yesterday. This week, it had posted blanket gains followed by blanket losses in the interbank currency market.

It closed at Rs. 159.93 to the USD today (16 July), down from yesterday’s (15 July) exchange rate of Rs. 159.30 to the USD.

According to the investment analytics platform Capital Stake, on a year-to-date comparison, the PKR has lost 0.06 percent (Rs. 0.1) to the greenback. On a month-to-date comparison, the loss for the local unit stands at 0.48 percent (77 paisas); and on a weekly comparison, it has lost 1.52 percent (Rs. 2.39) to the USD.

It has lost 80 paisas to the USD in the open market as it trades at nearly Rs. 160.50 to the USD.

Asad Rizvi, the former Treasury Head at the Chase Manhattan Bank, said earlier in the day, “In Wednesday’s T-bills auction despite huge demand in non-competitive bid, only target amount was picked. It indicates customers ‘mood, which could be possible shift from deposit after getting tax relief, minus banks & insurance companies”.

The PKR posted mixed results against other major currencies in the interbank currency market. It went down notably by nine paisas against the Euro, and significantly deteriorated by 93 paisas against the Pound Sterling (GBP). However, it posted gains of 17 paisas against the Australian Dollar (AUD), and 20 paisas against the Canadian Dollar (CAD).

The PKR also posted losses of about 17 paisas each against the UAE Dirham (AED) and the Saudi Riyal (SAR) in the interbank currency market today.

Source: Pro Pakistani

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