Sunday, April 14, 2024

Pakistani Rupee Becomes the Worst Currency against US Dollar in Asia

The Pakistani Rupee (PKR) has overlapped the exchange rate of RS.157 in contrast to US Dollar (USD) for the first time since March 2021 started. Pakistani Rs was found to be closed above Rs. 157 today after giving losses constantly for five-week with irregular progress.

The Pakistani rupee was labeled as “the world’s best-performing currency” not long ago when it was valued as the most against the USD from the period of the first three months of the calendar year. This is from January to March. In These recent weeks, however, the Pakistani Rupee has shown to be amongst the poorest currencies as the local unit became the player in Asia ever since its latest downhill as it had fallen for five consecutive weeks.

Past week, on Monday, the Pakistani Rupee crossed the Rs. 156 exchange rate, and announced unstable movements the rest of the week. Now today on 21 June 2021, the PKR flew above Rs. 157, concluding at Rs. 157.51 contrary to the USD, giving a loss of 61 paisas as compared to Rs. 156.89 which was on Friday the 18h June.

According to the financial analyst policy, Capital Stake, PKR PKR traded between Rs. 157.88 and Rs. 156.92, after opening at Rs. 157.25 against the USD, before closing at Rs. 157.51 to the USD. Pakistani Rupee has lost around 3.4 percent to Rs. 5.23, against the USD ever since May 7, 2021, when the exchange rate was Rs. 152.28 to the USD. This drop has been sudden in the last five weeks, in the early weeks of May, PKR traded at Rs. 152.5 to the USD.

Specialist consider that due to debt servicing g and imports pickup which is happening because of better economic activities and international goods prices are moving upwards it is causing pressure on payments

Moreover, the trade deficit is formerly another time arriving in the danger zone, which united with the support of the USD in the international market is also placing pressure on all developing markets, counting Pakistan.

Pakistani Rupees have been giving severe losses against other most important currencies, with little or no improvements today, the Pakistani Rupee s seeing miscellaneous results in contrast to major currencies one more time in in the interbank currency.

It went down by 33 paisa’s contrary to the Euro and by 21 paisa’s beside the Pound Sterling (GBP). However, PKR upgraded by nearly 18 paise against the Australian Dollar (AUD) and by 41 paisas against the Canadian Dollar (CAD).

The Pakistani Rupee gave losses against both the UAE Dirham (AED) and the Saudi Riyal (SAR), where it battered by 16 paisa’s compared to both exchanges in the interbank currency market today.

Moreover, the trade deficit is formerly another time arriving in the danger zone, which united with the support of the USD in the international market is also placing pressure on all developing markets, counting Pakistan.

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