Pakistani Rupee Undergoes Massive Losses Against All Currencies

The Pakistani Rupee’s (PKR) posted notable back-to-back losses against the US Dollar (USD) this week, crossing the Rs. 156 exchange rate on Monday and deepening the losses today (Tuesday, 15 June). ALSO READ Rupee Drops to Lowest Level in Months Against the US Dollar The PKR closed at Rs. 156.78 against the USD at the end of the trading day today, down by almost 60 paisas as compared to Rs. 155.18 to the USD yesterday (Monday, 14 June). Experts believe that there are payments pressures due to debt servicing and imports pickup, which, in turn, are happening due to better economic activities and international commodity prices moving upwards. The PKR had maintained its position against the other major currencies yesterday, but posted blanket losses against all the major currencies in the interbank currency market today. It lost notably by 84 paisas against the Euro, went down substantially by 82 paisas against the Pound Sterling (GBP), dipped by four paisas against the Canadian Dollar (CAD), and by 43 paisas against the Australian Dollar (AUD). ALSO READ Rupee Closes the Week With Some Gains Against the US Dollar It also posted losses against the UAE Dirham (AED) and the Saudi Riyal (SAR), and deteriorated by 16 paisas and 15 paisas respectively against them.