Pakistani rupee lost its ground during today’s trade as it went down by Rs. 34 paisas against the US dollar.
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The PKR lost 34 paisas against the USD today, closing at Rs. 153.698 to the USD at the end of the trading day today (Monday, 23 May) compared to Rs. 152. 356 to the USD on Friday (21 May).
PKR lost over a rupee (Rs. 1.07) to the greenback over the past week, and this week’s deterioration plunges it even deeper. The GDP projections recently making headlines might have signaled a position of strength for the PKR in the international currency market, but today’s movements turned out to be different.
Regarding this, Former Treasury Head at Chase Manhattan Bank, Asad Rizvi, said, “Don’t mix up Rupee with 3.94 percent GDP projection. Low base rate supports higher growth rate.”
He said that that real growth figures will only be confirmed once the fourth quarter trade data and other metrics are known. He wrote on his Twitter page that trade numbers, current account, the balance of payments, and remittances, etc., figures are needed “for confirmation of real growth figure” and to predict “PKR’s next move.”
The past week’s deterioration had come from importers’ and companies’ increased demands for the USD, according to dealers. They said that that the local unit was under pressure, despite the fact that consistent dollar inflows from Overseas Pakistanis had helped the Rupee to be steady.
Against other major currencies, Rupee posted mixed results.
Rupee posted a loss of 9 paisas against the Euro but improved by 20 paisas against the Pound Sterling (GBP). PKR also posted gains of 14 paisas against the Australian Dollar (AUD) and of nearly 40 paisas against the Canadian Dollar (CAD).
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PKR lost 9 paisas against both the UAE Dirham (AED) and the Saudi Riyal (SAR) in the interbank currency market today.
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