Pakistani Rupee (PKR) continued its slide during the week and closed 41 paisa lower at 159.33 against the US dollar in the Interbank Forex market as Banks witnessed Foreign Payments pressure. This is the lowest close since February 16, 2021.
The rupee traded in a narrow range on Thursday marking an intraday high bid of 159.47 and an intraday Low offer of 158.80.
In the Open Market, PKR was traded at 159.50/160.30 per USD.
Pakistani Rupee has depreciated by 1.79% against the US Dollar since the start of July-2021 as per data collected by BusinessTribunePK.
Commercial Banks are witnessing a massive demand of US Dollars as Significant Import LCs are being retired, as per the sources. The import momentum has picked up amid the revival of the economy and ease down in COVID19 restrictions. With the economy on track, Pakistan’s trade deficit is burgeoning.
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