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Rupee Weakens Against US Dollar

The Pakistani Rupee (PKR) again turned the tide in the interbank currency market and posted losses against the US Dollar (USD).

On Monday, PKR fell by nearly 45 paisas against the greenback. Yesterday, it posted a gain of 14 paisas, but today, it posted a loss of 16 paisas.

Today (11 August), the PKR traded between Rs. 163.55 to the USD and Rs. 164.25 to the USD before closing at Rs. 163.92 to the USD. This is a deterioration of 16 paisas compared to yesterday’s (10 August) closing at Rs. 163.75 to the USD.

Asad Rizvi, the former Treasury Head at the Chase Manhattan Bank, said earlier in the day, “Per expectations, July Remittances surged to $2.7bn that will help to attain $30bn+ in FY22.”

He added, “While, yesterday some stability was seen in the interbank market … late $ [dollar] buying pushed it higher.”

The local unit had a mixed performance against the other major currencies in the interbank currency market today.

It gained 14 paisas against the Euro, 61 paisas against the Pound Sterling (GBP), and 1 paisa against the Australian Dollar (AUD).

However, PKR eroded by 53 paisas against the Canadian Dollar (CAD), and by 4 paisas against both the UAE Dirham (UAE) and the Saudi Riyal (SAR) today.

Source: Pro Pakistani

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