US dollar further drops against PKR

The US dollar on the third day of the trading week—Wednesday continued hitting new low against Rupee in exchange markets.

In the interbank exchange market, the US dollar lost 72 paisas to close at Rs157.13. Whereas, in the open market, the dollar fell 30 paisas to Rs157.60 at the closing of the currency market.

According to the data released by the State Bank of Pakistan, the dollar has decreased by 72 paisas in the interbank market. Dealers also opine that the next range for the rupee could be Rs157.20 to Rs157.50.

“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 Rs157.20 to Rs157.50.”

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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