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Rupee Breaks Week-Long Losing Streak Against the US Dollar

The Pakistani Rupee appreciated by 8 paisas against the US dollar today and closed at Rs. 166.91, ending a week-long losing streak.

PKR appreciated by 0.05 percent from yesterday’s (2 September) rate of Rs. 166. 99 against the US dollar (USD) in the interbank currency market.

This was the first time in the week where the local currency closed higher than the previous day.

The State Bank of Pakistan’s foreign exchange reserves reached an all-time high of $20.15 billion on 27 August, according to data released today (3 September).

Asad Rizvi, Founder & CEO of Currency Market Associates (CMKA), tweeted that the PKR’s recent decline in value is being caused by high import growth.

Data analytics service, Tresmark, said that the Rupee performed the worst among major Asian currencies since May. It lost 9% against the USD.

Tresmark explained that rising imports and a widening trade deficit were exerting “significant pressure” on the Rupee.

The PKR lost 34 paisas against the Euro, 66 paisas against the Pound Sterling (GBP), 50 paisas against the Canadian Dollar (CAD), and 66 paisas against the Australian Dollar (AUD).

PKR also appreciated two paisas against the Saudi Riyal (SAR) and the United Arab Emirates Dirham (AED).

Courtesy: Propakistani

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