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Rupee Posts Losses Against All Currencies After 6 Days of Big Gains

The Pakistani Rupee (PKR) finally posted blanket losses against the US Dollar after a week. The local unit deteriorated by 4 paisas against the greenback in the interbank currency market today.

The PKR traded between Rs. 170.12 to the USD and Rs. 169.85 to the USD today (November 4) before closing at Rs. 170.01 to the USD, as compared to Wednesday’s (November 3) closing at Rs. 169.97.

This is the second time since last week that PKR has posted blanket losses against the greenback.

The PKR has lost nearly two rupees to the USD since July 1 due to higher demand from importers and oil payments.

Within the past week, PKR went from trading above Rs. 173 to the USD to trading a little under Rs. 170 to the USD.

Asad Rizvi, the former Treasury Head at the Chase Manhattan Bank, said earlier in the day, “Targeted subsidy will surely help 2reduce [to reduce] the burden of poor man 2 [to] a certain extent. It is the middle class that always remain under stress.”

He added, “The economic challenges demand constant monitoring & adaptation of proactive fiscal & monetary policies. However, it’s inflationary.”

The local unit also reversed most of its gains against other major currencies and posted blanket losses in the interbank currency market today.

PKR posted losses of 19 paisas against the Canadian Dollar (CAD) and 57 paisas against the Pound Sterling (GBP). However, the rupee posted gains of 26 paisas against the Australian Dollar (AUD), and 41 paisas against the Euro (EUR).

PKR also posted a blanket loss of 1 paisa against both the UAE Dirham (AED) and the Saudi Riyal (SAR) in today’s interbank currency market.

Source: Pro Pakistani

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