Pakistani Rupee slides slightly against US dollar

Pakistani Rupee slides slightly against US dollar

The Pakistan Rupee (PKR) is continuing its downslide against the US Dollar for the fourth day in a row. ------------------------------

The PKR slipped by 23 paisas against the USD today, closing at Rs. 153.45 to the USD at the end of the trading day today (Thursday, 20 May) as compared to Rs. 152. 22 to the USD on Wednesday (19 May).

It has lost more than a rupee (Rs. 1.16) to the greenback over the last four sessions.

Dealers said that the local unit is under pressure primarily due to importers’ and companies’ increased demands for the USD as trading resumed after the weeklong Eid holidays. During the previous weeks, dollar inflows from overseas Pakistanis had helped the rupee to be steady but consistent dollar demand from importers and companies is putting pressure on the local unit.

After two days of blanket losses in the interbank currency market, Rupee saw better days today and yesterday against the other major currencies.

Rupee reversed its loss against the Euro from yesterday and improved by 23 paisas today. It also posted gains of 79 paisas against the Pound Sterling (GBP), two paisas against the Australian Dollar (AUD), and a gain of 33 paisas against the Canadian Dollar (CAD).