The pakistani rupee dropped with a huge Dip after eid.
The pakistani rupee dropped against US dollar. The dollar reached at 1 dollar= 162 PKR.
In these 9 months this is lowest peak of PKR in interbank market.
Today it traded between Rs. 160.75 to 161.21 and closing 162.32.
The exchange rate from monday is of Rs. 161.48 to USD. Payments to natural imports and raise of dollar in International market are said to be the main reasons for this reduction of rupees. Pkr continued its reduction in start of this year.
Asad Rizwi, Ex Treasure Head of Chase Manhattan Bank said that " Though the good amount of payment has been made, but we are not actually done with complete settlement"
He also said that " Though, my target of Rs. 162 per USD has completed. I expect that rupee will make sharp recoveries. Market should grab the opportunity".
Apart of this, The Real Effective Exchange Rate (REER) closed at 99.9 in last month. It depreciated 2.3% over may. REER dropped after touching altitude of 103 in April 2020. Rizwi gave his opinion about REER and said that Pkr will begin its recovery now. He said that rupee will soon make its place. REER has clocked below 100 according to SBP. This tells that my point of view is correct.
Pkr also faced badly against other major currencies in interbank market. It shows some improvement of 1.30 rupees against British pound today.
Pkr also reduced by 93 pennies against Euro, and 60 pennies against AUD, and 2.09 by Canadian Dollar. It is also reduced by 22 paisas by UAE Dirham and Saudi Riyal today.
