The Pakistan Rupee continued its downward movement against the US Dollar in the currency market throughout this week.
PKR deteriorated by 41 paisas in the interbank currency market against the greenback today, closing in at Rs. 153.87 to the USD at the end of the trading day today (Friday, April 23) compared to Rs. 153.46 to the USD on Thursday (April 22).
On a weekly comparison, PKR lost 0.69 percent or PKR 1.06 in value to the USD, according to investment analytics platform Capital Stake. On a monthly comparison, PKR has lost almost 0.73 percent or PKR 1.11 in value, while on a yearly basis, PKR is still trading strongly with an appreciation of around 3.73 percent to the US Dollar.
Interbank Closing Rate – US$ Vs PKR
The US Dollar gained 0.69% in its value on weekly basis. MTD position showed an appreciation of 0.73%. While on YTD basis, the dollar depreciated by 3.73%.#Pakistan #KSE100 #Forex #ExchangeRate #Dollar #Rupee #currency pic.twitter.com/OEVwWM77YI
— Capital Stake (@CapitalStake) April 23, 2021
Analysts believe that amid higher dollar demand from importers, the local unit is likely to remain under pressure because of import payments. They added that the Rupee lost ground despite rising remittances from overseas Pakistanis during the holy month of Ramazan.
Journalist and financial consultant Ali Khizar also said that the expectations of an increase in interest rates are gone, as the yields of government bonds are falling. “This has a natural impact on the currency, as Pakistani Rupee depreciated today against the USD”.
“Both the interest rates and currency movement are coinciding with the views of Shaukat Tarin”, he added.
PKR also posted almost blanket losses against other major currencies in the interbank currency market today except against the Pound Sterling (GBP), where PKR gained 24 paisas today.
PKR has been posting deterioration against most currencies for almost the entire week except on Wednesday.
PKR deteriorated by 54 paisas against the Euro, by 7 paisas against the Australian Dollar (AUD), and by 54 paisas against the Canadian Dollar (CAD).
The PKR also posted losses of 11 paisas against both the UAR Dirham (AED) and Saudi Riyal (SAR) in the interbank market today.