Pakistani Rupee continues to depreciate against US Dollar as PKR hit 162.5/USD in Interbank Market Today. As per FX Broker Currency Market Associates, USD is being traded in the range of 162.4 to 162.50.
Pertinent to note is that the Rupee closed at 161.5/USD in the last trading session. PKR has depreciated by 2.9% since the start of July-2021 amid increased Foreign payment pressure in the Banking sector.
Increased Imports have led to pressure on Rupee as Pakistan witnessed a Record Trade deficit of $30bn in FY2021.
As per our sources, Currently, there is an increased quantum of Import LC retirements in Banks. One of the Treasury Officer in a Commercial Bank has told BusinessTribunePk that the bank is witnessing 30% more LC retirement as compared to the same period last year.
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