Pakistani rupee (PKR) continued its slide as it fell by 68 paisas against US Dollar (USD) in interbank trading close on Tuesday. PKR closed at 154.37 per USD, against yesterday’s closing of PKR 153.7 per USD.
The rupee marked an intraday high of 154.40 and an intraday Low offer of 153.95 against the Dollar.
In the Open Market FX liquidity remained adequate and PKR traded at 154.20/155.20 per USD.
Pakistani Rupee has so far gained 13.68 or 8.86% gain against the US Dollar since July’2020.
Our channel check suggests an increased number of LC retirement from Commercial Banks post-Eid Holidays has cast pressure on the Pakistani Rupee. However, Analysts believe that the Rupee remains at a comfortable position and expected to trade in +/-2 Rupees range.