The Pakistani Rupee (PKR) has continued its downward trajectory for the fourth day in a row against the US Dollar (USD). However, after yesterday’s substantial deterioration of 40 paisas, today’s erosion was considerably less for the Rupee at 5 paisas.
The PKR closed at Rs. 154.83 to the USD at the end of the trading day today (Thursday, 27 May), losing 4 paisas compared to Rs. 154.78 to the USD on Wednesday (26 May).
Regarding the Rupee’s downfall, the dealers believe that there has been a demand in the market for the USD, which has dragged the PKR down.
Importers are aggressively buying in the market as they want to meet their obligations before the end of the current fiscal year, ending 30 June 2021.
Earlier, experts familiar with the matter had said that the local unit is under pressure despite the fact that consistent dollar inflows from overseas Pakistanis had helped the Rupee remain steady.
Against all the major currencies, PKR saw a relatively better day today after two days of landslide losses.
The Pakistani Rupee improved by 52 paisas against the Euro, by 27 paisas against the Pound Sterling (GBP), by 42 paisas against the Australian Dollar (AUD), and by 33 paisas against the Canadian Dollar (CAD).
The PKR continued the losing trajectory against both the UAE Dirham (AED) and the Saudi Riyal (SAR) but even reduced the extent of deterioration by losing one paisa against both currencies today.
Source: Pro Pakistani