Rupee Opens the Week With Loss Against the US Dollar

The Pakistan Rupee (PKR) opened trading with downward movement against the US Dollar after a week’s halt in trading owing to Eid holidays. ALSO READ Rupee Hits Nearly 2 Years High Against US Dollar Today, PKR went down by 32 paisas against the USD. This is exactly equal to the appreciation PKR had posted against the USD on May 7. PKR closed at Rs. 152.60 to the USD at the end of the trading day today (Monday, 17 May) compared to Rs. 152.28 to the USD on Friday (7 May). PKR had hit a nearly two years high against the greenback on May 7, 2021 – the last trading day in the interbank currency market before week-long holidays as announced by the government. Former Treasury Head at Chase Manhattan Bank, Asad Rizvi, commenting on PKR’s movement, said that after holidays, it was expected that banks would take the long position as major markets remained open and active during the holidays in Pakistan. He wrote, “After a long weekend, it is expected that banks will be LONG (NOP) Net Open Position, as Major markets were open & active. Initially, PKR could gain in early trade B4 easing as thin activity in M/E & slowdown of remittances inflow could halt gains for few days.” ALSO READ Rupee Continues Upward Journey Against US Dollar The financial markets remained closed from May 10 to 16, 2021 on account of the Eid holidays.