Pakistani Rupee faces setback against the US dollar in the open market

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Pakistani Rupee faces setback against the US dollar in the open market

ISLAMABAD - Pakistani rupee depreciated by Rs. 2.34 rupees or 1.50% against US Dollar (USD) on Monday in the interbank market as the currency closed the 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 rupee in the past six months.

The rupee endured a highly volatile trading session with quotes being recorded in the range of Rs. 3.41 per USD showing an intraday high bid of 157.95 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 both the inter-bank and open markets on Monday owing to hovering uncertainties about the coronavirus. According to different analysts, The drop is seen on worries that the flow of dollars may slow down into Pakistan on account of the impact of exports and workers’ remittances.

According to market men, Coronavirus has created panic in most parts of the world. In the international markets, oil prices dipped and the local equities market also followed the suit with other regional markets.

Investors shifted to safe havens such as gold and greenback as the market had already been reeling from the spiraling impact of the novel coronavirus, some traders said.

The gold prices reached Rs. 95,200 per tola in Pakistan despite that its price in the international market plummeted.

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