PKR depreciates after steady rise

PKR depreciates after a steady rise PKR depreciates after a steady rise

Karachi: After the continuous rise, the Pakistani rupee depreciated against other currencies, including the US dollar, in the exchange market on Thursday.

According to the SBP, the dollar rose 54 paisas against the rupee to Rs153.30 in the interbank market.

On Wednesday and the last day of the month, the US dollar against PKR was closed at Rs152.76 in the interbank market.

In the interbank market, the euro also rose by 48 paisas to Rs179.89, while the British pound fell to Rs211.25 and the Saudi riyal to Rs40.87.

It may be recalled that in the first three days of this week, the rupee continued to appreciate.

During the current financial year, the exchange rate fluctuated sharply and in August 2020 (FY 21), the rupee depreciated to its lowest level against the dollar, reaching Rs168.70 on August 20 last year.

The rupee then began to recover and has improved significantly against the US dollar over the past four months.

“The supply and demand position of dollars and the upcoming data on the country’s forex reserves will determine the future direction of the rupee. The rupee should conclude this week at Rs152.5 - 153.7 per dollar,” said a currency exchange dealer.

It is important to mention that the Pakistani Rupee appreciates when a lesser amount of rupees is required to get one USD whereas PKR depreciates when more rupees are required to get one greenback.

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