Pakistani Rupee Passes Rs. 159 limits Against US Dollar

Since the start of the current fiscal year, Pakistani rupee (PKR) has consistently shown US Dollar losses in the interbank currency market.

The latter has intensified the deterioration by 19 countries on Tuesday and 53 paisas against the greenback on Wednesday following the loss of 30 paisas against the USD on Monday that had brought it over Rs. 158 to the border of the USD.

Today (8 July), Rs. 159 remains eroded in the USD and Rs. 158.33 in the USD is shutdown on Wednesday compared to Rs. 158.92. (7 July).

Since 1 July, the PKR lost Rs. 1.79 to the USD since importing and oil payments demanded it more.

Asad Rizvi, Chase Manhattan Bank's former Treasury Head, predicted earlier that the rupee may be reduced to a minimum of 1 to 2 percent as a result of the USD requirements.

Nevertheless, he said "with the Fed's Hawkish tone under pressure, world currencies are in dread of a frontal increase in interest rates," and it "is twice as bad to Asian economies that fear capital flight because of increased oil prices."

In today's interbank monetary market, the PKR recorded mixed outcomes compared to other major currencies. The Euro was lost by 41 paisas and the Pound Sterling was worsened by 47 countries (GBP). It improved nevertheless by 88 paisas compared to the Australian dollar and by 92 paisas compared to the Canadian dollar (CAD).

The UAE Dirham (AED), Saudi Riyal (SAR), and the inter-bank currency market today have lost 11.2 paisas and 10.9 paisas.

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