Rupee Suddenly Stabilizes After 2 Days of large Losses Against the US Dollar

On Wednesday, the tide eventually swung toward the US Dollar (USD), a slow-down toward the Pakistani Rupee (PKR).

At the close of today's trade day (Wednesday, 9 June) rupee closes at Rs 155.69 vs. US dollar, up 9 pips from Rs 155.78 vs. US dollars yesterday (Tuesday, 8 June).

The PKR reported substantial losses of 70 paisas and 47 paisas on the first two days of the current week. The PKR depreciated the USD by Rs 3,11 in the last month – since 7 April – and surpassed, for the first time since Monday 25 March 2021, the rate of exchange of Rs 155.

However, in the interbank currency market, the PKR showed some steadiness today. About the latest decline of PKR, Khadim Ali Shah Bukhari Securities Managing Director A. A. H. Soomro informed ProPakistani that "currency pressure is emanating from the opening of the economy, imports increase quicker than exportation & REER 103."

He stated the trade imbalance approached the Red Zone due to the high oil costs, imports of TERFs, economic recovery, and food one-offs. "The transfers and RDAs are nonetheless robust. There are hence political pressures to hold below Rs. 160 in the near future," he stated.

According to the newest flagship report of the World Bank, the increased adjustment of the growth predictions may have also guided today's improvement.

The PKR was also strong today, following the blanket losses yesterday, versus most other major currencies in the interbank currency market.

It lost five paisas to the Euro and 43 paisas to the GBP; however, it reported four paisas to the Australian dollar (AUD) and 15 paisas to the Exchange rate (CAD).

Furthermore, the PKR twisted the UAE Dirham (AED) and the Saudi Riyal (SAR) with a two-pisa win.

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