Pakistani Rupee to fall further against US dollar in coming days: report

Pakistani Rupee to fall further against US dollar in coming days: report

KARACHI: The Pakistani rupee is likely to stay under pressure against the greenback next week due to higher demand for dollars from oil importers and other goods seeking to meet payment obligations, according to traders.

As per the traders, a persistent decline in the foreign exchange reserves, dried foreign inflows, and soaring trade deficit are weighing on the sentiment for the local unit.

The currency market opened after a week’s long Eidul Fitr holidays on Friday. The rupee lost 94 paisas or 0.50% to close at 186.63 per dollar in the interbank market.

“There is demand from importers wishing to make payments post Eid holidays. They are back to the market,” a trader at one commercial bank said.