Rupee Crumbles to Pressure as it Deteriorates Against the US Dollar Once Again

The Pakistani Rupee (PKR) grew to become the tide towards losses today after days of blanket profits withinside the interbank forex marketplace.


Today (6 August), the PKR misplaced 22 paisas to American Dollar, final at Rs. 163.45 to the USD, down from yesterday’s (five August) final of Rs. 163.22 to the USD. Experts already warned that an upward movement of the PKR does now no longer sign the cease of the downward pressures on it.

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Asad Rizvi, the former Treasury Head on the Chase Manhattan Bank, stated today, “Total Fx Liquid Reserves fell mildly to $24. eighty-five billion. The Net Reserves with SBP that rely on the maximum rose to $17. eighty-four million.”

He added, “This can be the signal of easing of fee pressure. It’s a good opportunity for the diaspora to begin remitting, as PKR is in all likelihood to inch up even though at a slow pace.”

Rupee Crumbles to Pressure as it Deteriorates Against the US Dollar Once Again

The PKR also published losses towards most major currencies withinside the interbank forex market today. It received thirteen paisas towards the Euro and received negligibly towards the Australian Dollar (AUD) by much less than a paisa.

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On the opposite hand, PKR lost forty-eight paisas towards the Pound Sterling (GBP), 29 paisas towards the Canadian Dollar (CAD), and also went down by 6 paisas towards the UAE Dirham (UAE) and by five paisas the Saudi Riyal (SAR) by six paisas each.

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