The Pakistani Rupee came under pressure against US Dollar in the Intra-Day trading and fell to PKR182.4/US$ in the Inter Bank Market causing bearish sentiment in the Forex Market. Pakistani Currency lost Rs.0.6 against US Dollar in early trades.
Rupee closed the day at 182.19/US$, marking 0.23 percent decline over previous day.
In the Open Market, Dollar was being sold at PKR184 – 186 /US$, replicating pressure in the Inter-Bank Market.
Commercial Banks are currently having large Foreign Currency payments against Retirement of LCs, which is increasing the pressure.
Furthermore, Foreign Investors have also pulled out significant investments from Government Securities in past few months, compounding the pressure.
Higher Trade deficit over past few months has compounded depreciation of the currency. Dollar traded at low levels of PKR153/US$ till April-2021, however Since then Rupee has depreciated significantly against the Dollar, leading to 17% weakness in the Pakistani Rupee.
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