Rupee Continues Landslide Against the US Dollar Second Week in a Row

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). ALSO READ Rupee Posts Massive Losses Against All Major Currencies 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”. He tweeted, “Yesterday in the I/B market, demand for Dollars by banks was witnessed during the second half, pushing PKR lower. This was expected due to Eid holidays”. According to dealers, there has been a demand in the market for the USD, which has dragged the PKR down. Importers are aggressively buying in the market as they want to meet their obligations before the end of the current fiscal year, ending 30 June 2021. Earlier, experts familiar with the matter had said that the local unit is under pressure despite the fact that consistent dollar inflows from overseas Pakistanis had helped the Rupee remain steady. The PKR posted blanket losses against all the major currencies today repeating yesterday’s landslide losses. It posted a loss of 19 paisas against the Euro, posted three paisas against the Pound Sterling (GBP), and 46 paisas against the Australian Dollar (AUD). However, it did post a negligible improvement of one paisa against the Canadian Dollar (CAD). ALSO READ Rupee Witnesses Another Big Drop Against the US Dollar The PKR also lost 10 paisas against the UAE Dirham (AED) and 10 paisas against the Saudi Riyal (SAR) in the interbank currency market today.