Pakistani Rupee slides down against US dollar in interbank market
The Pakistani Rupee (PKR) has continued its downward trajectory for the third day in a row as it went down by Rs. 40 paisas against the US Dollar (USD). ------------------------------
The PKR closed at Rs. 154.78 to the USD at the end of the trading day today (Wednesday, 26 May), as compared to Rs. 154.37 to the USD on Tuesday (25 May).
The GDP projections that have been making headlines might have signaled a position of strength for the PKR in the international currency market, but today’s movements turned out to be different.
Regarding this, the former Treasury Head at Chase Manhattan Bank, Asad Rizvi, said earlier in the day, “Today, [the] Rupee is expected to open with a weaker tone around 154 levels against yesterday’s SBP close of 154.6982”.