Pakistan rupee sees loss of 71 paisa against US dollar in a week

Pakistan’s rupee got weaker against the US dollar on Tuesday after depreciating by 20 paisa in interbank trading as the local currency settled at Rs224.11 against previous session’s closing value of Rs223.91.

The rupee traded in a band of 35 paisa against the US dollar with a high bid of 224 and low offer of 223.90.

Meanwhile, the greenback was available for Rs228.75 to Rs231 in open market as the government hasn’t been able to plug this huge difference.

On the other hand, the rupee gained against the pound sterling and the euro in interbank rate.

As a result, one pound was traded for Rs273.52 against Monday’s value of Rs274.65. Similarly, the rupee was up by 96 paisa against euro which closed at Rs235.13.

The pressure on Pakistani rupee is linked to the delay in talks with IMF, falling foreign reserves, weak macroeconomic indicators and alleged smuggling of the US dollar across the border to Afghanistan.

Hence, the trend of currency depreciation continues of the country despite the government repaying $1 billion against Sukuk bonds three days ahead of maturity and Saudi Arabia extending the term of a $3 billion deposit.

During the current financial year (FYTD), the rupee has so far lost Rs19.26 or 8.59 percent in value against the US dollar while the loss stands at Rs47.59 rupees or 21.24 percent since January 1 (CYTD).

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