The losing strike against the US Dollar will be broken finally

On the last day of trade week, the Pakistan Rupee (PKR) turned its tide into the US Dollar. During four days of the current week, PKR had regularly posted loss against greenbacks.

At today's end of trading (Friday, 21 May), the PKR has won nine paisas against USD, closing at Rs. 153 356 to USD, compared to Rs. 152,455 on Thursday (20 May).

Despite the modest progress reported today, PKR lost a rupee (Rs. 1.07) to greenback over the last week.

Dealers said the local unit is under pressure, mostly because of the increased demands of importers and companies for the USD. Over the last weeks, dollar inflows from Pakistan's overseas countries helped the Rupee to stabilise, but steady dollar demand from importers and enterprises is pushing the local unit.

Contrary to other big currencies, for the better part of the week Rupee posted mixed results and today was no different.

Rupee lost 32 paisas to the Euro, weakened in 91 paisas to the Pound sterling (GBP), lost six paisas to the Australian Dollar (AUD), and lost almost 42 dollars to the Canadian Dollar (CAD).

In addition, after steady losses over the last four days, the PCR bandwagon has moved toward both UAE Dirham (AED) and Saudi Riyal (SAR). In today's interbank currency market, PKR reported gains of 2 paisas over them.