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Dollar lessens against PKR

The dollar depreciated against Pakistani Rupee on the first day of the trading week – Monday in the Interbank Foreign Exchange.

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Dollar lessens against PKR
GNN Media: Representational Photo

According to data released by the State Bank of Pakistan, the dollar depreciated by 14 paisas against Pakistani Rupee (PKR) in the interbank market.

According to Forex dealers, the dollar rose from Rs157.14 to close at Rs157.00 in the interbank market.

Whereas, the buying rate of the US dollar was Rs156.9, while it was sold at Rs157.5 against PKR at the opening of Pakistan's currency market.

“The demand for the hard currency remained subdued due to fewer import payments. Strong inflows from remittances and Roshan Digital Account have increased the dollar supplies in the market,” said a currency dealer. “We expect the rupee to easily trade below Rs158 levels/dollar in the coming sessions. The next range for the rupee could be Rs156 to Rs155.”

Dealers said the local unit continued to march upwards due to soft importers’ dollar demand and inflows from remittances, Roshan Digital Account, and export proceeds.

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