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Rupee Crumbles to Pressure as it Deteriorates Against the US Dollar Once Again

The Pakistani Rupee (PKR) turned the tide towards losses today after two days of blanket gains in the interbank currency market.

Today (6 August), the PKR lost 22 paisas to the US Dollar, closing at Rs. 163.45 to the USD, down from yesterday’s (5 August) closing of Rs. 163.22 to the USD.

Experts already warned that an upward movement of the PKR does not signal the end of the downward pressures on it.

Asad Rizvi, the former Treasury Head at the Chase Manhattan Bank, said about today, “Total Fx Liquid Reserves fell mildly to $24.85 billion. The Net Reserves with SBP that matter the most rose to $17.84 million.”

He added, “This could be the sign of easing of payment pressure. It’s a good opportunity for the diaspora to start remitting, as PKR is likely to inch up though at a slow pace.”

The PKR also posted losses against most major currencies in the interbank currency market today.

It gained 13 paisas against the Euro and gained negligibly against the Australian Dollar (AUD) by less than a paisa.

On the other hand, PKR lost 48 paisas against the Pound Sterling (GBP), 29 paisas against the Canadian Dollar (CAD), and also went down by 6 paisas against the UAE Dirham (UAE) and by 5 paisas the Saudi Riyal (SAR) by six paisas each.

Source: Pro Pakistani

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