ISLAMABAD – Pakistani rupee depreciated by Rs. 2.34 rupees or 1.50% againstUS Dollar (USD) on Monday in the interbank market as the currency closedthe day’s trade at Rs. 156.58 per USD versus last session’s closing of Rs.154.24 per USD.
According to the data available, this was the first-ever drop in the rupeein the past six months.
The rupee endured a highly volatile trading session with quotes beingrecorded in the range of Rs. 3.41 per USD showing an intraday high bid of157.95 and an intraday Low offer of 154.60. Within the open market,Pakistani Rupee traded at 155.50/157.50 per USD.
The dealers stated that the dollar gained sharply versus the rupee in boththe inter-bank and open markets on Monday owing to hovering uncertaintiesabout the coronavirus. According to different analysts, The drop is seen onworries that the flow of dollars may slow down into Pakistan on account ofthe impact of exports and workers’ remittances.
According to market men, Coronavirus has created panic in most parts of theworld. In the international markets, oil prices dipped and the localequities market also followed the suit with other regional markets.
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Investors shifted to safe havens such as gold and greenback as the markethad already been reeling from the spiraling impact of the novelcoronavirus, some traders said.
The gold prices reached Rs. 95,200 per tola in Pakistan despite that itsprice in the international market plummeted.
