Pakistani Rupee falls against US dollar in third straight day

Pakistani Rupee falls against US dollar in third straight day

The Pakistan Rupee (PKR) continues to slide down against the US Dollar for the third day in a row after a week’s halt in trading owing to the Eid holidays, crossing the Rs. 153 mark today. ------------------------------

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PKR went down by 33 paisas against the USD today, closing at Rs. 153.22 to the USD at the end of the trading day today (Wednesday, May 19) compared to Rs. 152. 89 to the USD on Tuesday (May 18).

PKR has lost almost an entire rupee (94 paisas) to the greenback in the last three sessions.

Dealers said that the local unit was under pressure primarily due to increased demand for the USD from importers and companies, as trading resumed after a weeklong holiday due to Eid.

PKR had hit a nearly two years high against the greenback on May 7, 2021 – the last trading day in the interbank currency market before week-long holidays as announced by the government. Now it’s on a consistent losing trajectory again.

Against other major currencies, the Pakistani Rupee saw a better day today after two days of blanket losses in the interbank currency market.

PKR deepened its loss against the Euro from yesterday by 46 paisas today. However, it turned the tide with gains of 4 paisas against the Pound Sterling (GBP). PKR also posted a gain of nearly 47 paisas against the Australian Dollar (AUD), and a gain of nearly 42 paisas against the Canadian Dollar (CAD).