The Pakistan Rupee (PKR) opened trading yesterday with a downward movement against the US Dollar after a week’s halt in trading owing to the Eid holidays. The second day of the week saw that loss deepen with further erosion of PKR against the greenback.
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PKR went down by 29 paisas against the USD, closing at Rs. 152.89 to the USD at the end of the trading day today (Tuesday, May 18) compared to Rs. 152.60 to the USD on Monday (May 17).
Dealers said that the local unit was under pressure primarily due to increased demand for the USD from importers and companies, as trading resumed after a weeklong holiday due to Eid.
The financial markets remained closed from May 10 to 16, 2021, on account of the Eid holidays.
PKR had hit a nearly two years high against the greenback on May 7, 2021 – the last trading day in the interbank currency market before week-long holidays as announced by the government.
Against other major currencies as well, the Pakistani Rupee saw blanket losses in the interbank currency market both yesterday and today.
Today, PKR substantially lost Rs. 1.48 against the Euro, posted an even bigger loss of Rs. 2.21 against the Pound Sterling (GBP), lost 92 paisas against the Australian Dollar (AUD), and notably lost Rs. 1.18 against the Canadian Dollar (CAD).
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PKR also posted a loss of nearly 8 paisas against both the UAE Dirham (AED) and the Saudi Riyal (SAR) in the interbank market today.
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