The Pak rupee remained under pressure on the first day of the trading week on Monday for being high in demand due to imports.

The rupee depreciated 53 paisas against the dollar in inter-bank trade, as external payments kept the demand higher for the greenback.

At the end of the day, the rupee stood at 168.72 against the dollar from last Friday’s closing of Rs168.19 in the interbank foreign exchange market.

The rupee began its fall at the beginning of last week, reaching an all-time low of Rs169.12 by Wednesday, compared to Monday’s opening value of Rs168.09 — representing a fall of Rs1.03 in three days.

However, by the end of the week, the local currency had recovered to Rs168.1.

According to some analysts, the Pakistani rupee is expected to stay steady against the greenback during the current week.

They said the rupee is expected to trade within the existing range this week amid matching dollar demand and supply, while the central bank’s monetary stance will also factor in.

Meanwhile, dealers said the widening of trade deficit and ballooning current account deficit also resulted in negative sentiments.

The dealers said due to the quarter ending on September 30, 2021, a demand was also increasing from the corporate sector for repatriation of profit and dividends to their parent companies abroad.

Besides, the situation in Afghanistan is also disturbing the local foreign exchange market.

The story was filed by the News Desk.
The Desk can be reached at info@thecorrespondent.com.pk.

LEAVE A REPLY

Please enter your comment!
Please enter your name here