Rupee Posts Losses Again After One Day of Improvement

The Pakistani rupee (PKR) posted losses against the US dollar in the interbank market today. PKR traded between Rs. 159.79 and Rs. 161.45 today, before closing at Rs. 161.32 to the USD (27 July), down 10 paisas from Monday’s (26 July) exchange rate of Rs. 161.22 to the USD. ALSO READ Pakistani Rupee Makes a Huge Recovery Against All Major Currencies Asad Rizvi, the former Treasury Head at the Chase Manhattan Bank, said earlier in the day, “Earlier, the market got a very good opportunity to buy PKR against their foreign exchange holdings. Next level to watch is 160. A clear break and close below will lead to some stability”. The PKR also posted blanket losses against the other major currencies in the interbank market after posting blanket improvements yesterday. The only positive movement for PKR today was against the Canadian Dollar (CAD), and that too was negligible at 3 paisas. Apart from that, PKR lost 6.9 paisas against the Euro, 36 paisas against the British Pound (GBP), and 5 paisas against the Australian Dollar (AUD). ALSO READ Rupee Drops to Another 9-Month Low With A Huge Dip After Eid The PKR also posted losses of 2.7 paisas and 2.9 paisas against the UAE Dirham (AED) and the Saudi Riyal (SAR), respectively in the interbank currency market today.