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Dollar struggles to extend rally against PKR

Karachi: The US dollar exchange rate against the Pakistani rupee depreciated by 0.13% on the third day—Wednesday—of the trading week in the Interbank Foreign Exchange market.

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Dollar struggles to extend rally against PKR
GNN Media: Representational Photo

According to the data released by the State Bank of Pakistan, the dollar dissed by 20 paisas in the interbank market falling from Rs153.24 to Rs153.04.

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 Rs152.80 - 153.5 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.

On Wednesday the prices of other currencies including the euro, pound, riyal, dirham: 

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