The Pakistani Rupee came under pressure against US Dollar in the Intra-Day trading and fell to PKR189/US$ in the Inter Bank Market before recovering to PKR 188.2/$. Pakistani Currency lost Rs.2 against US Dollar or 1 percent, highest ever losing spree in a single day.
In the Open Market, Dollar was being sold at PKR190 replicating pressure in the Inter-Bank Market.
Commercial Banks are currently having large Foreign Currency payments against Retirement of LCs, which is increasing the pressure.
Furthermore, Foreign Investors have also pulled out significant investments from Government Securities in past few months, compounding the pressure.
Higher Trade deficit over past few months has compounded depreciation of the currency. Dollar traded at low levels of PKR153/US$ till April-2021, however Since then Rupee has depreciated significantly against the Dollar, leading to 23% weakness in the Pakistani Rupee.
Latest posts by News Desk (see all)
- NdcTech gather Banks at Temenos Community Forum (TCF) 2022 - July 18, 2022
- Foreign Remittance at $2.8bn in June-2022 - July 18, 2022
- Sindh to get IT Projects worth PKR 5bn - June 3, 2022