The Pakistani rupee is being traded at PKR 202.5 in opposition to USD. Professional says the market sentiment is negative. The US dollar persevered its growing streak against the rupee on Tuesday, growing beyond PKR 199 in interbank trading. USD staining completion of per week of breaking facts, as a result of country’s rising imports and depleting foreign reserves. With a decline of PKR1.61, or 0.81%, PKR closed at rate of 200 against dollar on Thursday, the State Bank of Pakistan (SBP) reported.
The rupee had closed at PKR 198.39 yesterday. But, consistent with analysts’ predictions, forex exceeded the startling milestone of two hundred within few hours of buying and selling. On primary day of talks with IMF, Pakistan has indicated that it’s far willing to take “tough measures”. These including a will boom in POL products and power prices. But first-class in stages, so as to restart the stalled $6 billion fund program. Foreign Currency maintained hike and breaking record for the 8th consecutive day. Because it has accumulated lost 7.7% or PKR14.31 in last ten sessions.
The currency hit a low of 188.66 rupees on May 10. It then dropped to PKR190.02 on May 11. USD later fell to PKR 191 on May 12, reached PKR 192.52 on May 13. Again sank under PKR194 on May 16, right all the way down to PKR195.74 on May 17 and closed yesterday at PKR198.39 (May 18). Since the start of this financial year (July 1, 2021), rupee has together dropped by a massive 26.95% (or PKR42.46) compared to the previous year’s close at PKR157.54.
The rupee has maintained a downward trend for the last thirteen months. It has depriciated 31.34% (or PKR 47.73), as compared to the report excessive of PKR 152.27 recorded in May 2021. USD stayed above the milestone surpassed a day in advance. It closed at PKR201.5 in the open market the same day. Pakistan Prime Minister Shehbaz Sharif has been briefed about non-stop depreciation of rupee in opposition to the USD. A vital assembly these days at the financial situation to speak about problems associated with stopping the currency from devaluing.