Karachi: The Pakistani Rupee declined on the first day of the businessweek—Monday and August.
The exchange rate of the US dollar against the Pakistani Rupee during thetrading session touched a new height above Rs162 in the interbank marketand was recorded at Rs163.67.
State Bank of Pakistan (SBP) data shows that the dollar cherished by Rs1.24paisas in the interbank market taking PKR to a new low.
Central bank data shows that the PKR devalued 0.76% against the US dollar
Note that this is the first time in recent months that the dollar hastouched above the Rs161 level.
The rupee then began to recover and has improved significantly against theUS dollar over the past six months.
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The rupee had traded at Rs 161.13 on January 16 this year, gaining Rs2.32per dollar or 1.4 per cent.
It may be recalled that during the current financial year, the exchangerate fluctuated sharply and in August 2020 (FY 21), the rupee depreciatedto its lowest level against the dollar, reaching Rs168.70 on August 20 lastyear.
“The supply and demand position of dollars and the upcoming data on thecountry’s forex reserves will determine the future direction of the rupee.The rupee should conclude this week at Rs162.3 – 163.7 per dollar,” said acurrency exchange dealer.
It is important to mention that the Pakistani Rupee appreciates when alesser amount of rupees is required to get one USD whereas PKR depreciateswhen more rupees are required to get one greenback.
