The Pakistani Rupee (PKR) has resumed its losing streak against the US Dollar (USD) in the interbank currency market. PKR posted gains on Friday last week for the first time since the beginning of the current fiscal year.
Today, PKR reversed the improvement once again and posted a loss of 19 paisas against the greenback.
Within the past one week, PKR went from trading under Rs. 158 to the USD to trading over Rs. 159 to the USD.
Today (July 12), PKR traded in the range of Rs. 159.10 to the USD to Rs. 159.58 to the USD before closing at Rs. 159.36 to the USD with a loss of 19 paisas over Friday’s (July 9) exchange rate of Rs. 159.16 to the USD.
The PKR has lost nearly two rupees to the USD since 1 July on account of higher demand from importers and oil payments.
Asad Rizvi, the former Treasury Head at the Chase Manhattan Bank, said earlier in the day, “Market is expected to remain range-bound with the possibility of a strong opening. However, I will not be surprised to see Dollar buying at Lower levels due to payments in the pipeline.”
He added, “Break of 158.90-00 is required for more gains. On the up, Resistance is at 159.50”.
The PKR also posted blanket losses against other major currencies in the interbank currency market today.
It lost 78 paisas against the Euro, substantially deteriorated by Rs. 1.52 against the Pound Sterling (GBP), lost almost 52 paisas against the Australian Dollar (AUD), and went down by 53 paisas against the Canadian Dollar (CAD).
PKR also eroded by 5 paisas against both the UAE Dirham (AED) and the Saudi Riyal (SAR) in the interbank currency market today.