Saturday, April 20, 2024

Pakistani Rupee Crosses Rs. 159 Barrier Against US Dollar

According to the official sources, in the interbank exchange marketplace- the Pakistani Rupee (PKR) has been constantly facing shortfalls against the US Dollar (USD), ever since the current financial year is started.

Today, the PKR posted inconsistent mix results versus the other main currencies in the interbank currency market. It has dropped 41 paisas against the Euro & worsened by 47 paisas against the Pound Sterling (GBP). As well as, it has improved by 88 paisas against the Australian Dollar (AUD), & by 92 paisas against the Canadian Dollar (CAD).

While, the situation with USD dollar is that; On Monday, it has lost 30 paisas against the USD that resulted in the Rs. 158 to the USD boundary, and the situation become even worse on Tuesday where it lost 19 paisas against USD, and on Wednesday it reaches to 54 paisas against the dollar.

Today, it crossed the border of Rs. 159 to the USD as it goes on to decrease and stopped at Rs. 159.33 to the USD as in comparison to the Rs. 158.92 on Wednesday.

As per the statement of previous Treasury Head at the Chase Manhattan Bank, Asad Rizvi, the rupee had dropped by 1 to 2 % earlier in the day because of the demand for the USD dollars, so it might be able to obtain power today.

He further added that higher oil prices are a curse for Asian countries economy, and they are afraid to invest, as well as after FED’s Aggressive tone global currencies are under pressure and there are high chances of increasing interest rates.

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