Rupee Drops to Another Low Against US Dollar as Rapid Depreciation Continues

The Pakistan Rupee (PKR) continued its downward movement against the US Dollar (USD) in the currency market from the entire previous week to the opening day of the current week. The PKR deteriorated by 26 paisas in the interbank currency market against the greenback today, crossing the Rs. 154 barrier. It closed at Rs. 154.13 to the USD at the end of the trading day today (Monday, 26 April) as compared to Rs. 153.87 to the USD on Friday (23 April). ALSO READ Rupee Suffers Another Huge Loss Against Most Major Currencies Analysts believe that amid the higher dollar demand from importers, the local unit is likely to remain under pressure because of import payments. They added that the PKR had lost ground despite the rising remittances from overseas Pakistanis during the holy month of Ramazan. The former Treasury Head at Chase Manhattan Bank said that the Pakistani Rupee is likely to stay in Rs. 153.25 to Rs. 154.40 band against the USD. “Further weakness is only possible on a break of [Rs.] 154.15 or else more gains. This will be a good opportunity for the exporters to book their profit, as a weak Rupee stance is likely to be short-lived,” he added. PKR also posted blanket losses against other major currencies in the interbank currency market. The PKR deteriorated notably by Rs. 1.06 paisas against the Euro, by almost a rupee (98 paisas) against the Pound Sterling (GBP), by a massive 85 paisas against the Australian Dollar (AUD), and by 28 paisas against the Canadian Dollar (CAD). ALSO READ Rupee Suffers Huge Losses Against All Major Currencies The PKR also posted losses of 7 paisas against the UAE Dirham (AED) and 6.9 paisas against the Saudi Riyal (SAR) in the interbank market today.