Tag: GBP

  • Pakistani rupee plunges by Rs1.05 against the US dollar

    Pakistani rupee plunges by Rs1.05 against the US dollar

    In today’s interbank session, the Pakistani rupee (PKR) fell by Rs1.05 versus the US dollar (USD), concluding at Rs186.97 per US Dollar, compared to Rs185.92 per USD on April 20.

    The rupee had a tumultuous market session, with an intraday high of Rs187.10 and a lowest of Rs186.25. This depreciation of PKR is attributed to the country’s expanding current account deficit and dwindling foreign exchange reserves. However, the country must pay a significant amount in the final quarter of FY22, putting additional strain on the local unit.

    Pakistan’s currency has lost Rs29.42 versus the US dollar since July 21. According to data published by Mettis Global, the rupee declined by Rs10.45 in CYTD, with the month-to-date (MTD) position showing a drop of 1.87 percent.

    PKR has shed 18.56 per cent versus the US dollar in the previous 52 weeks, with a low of 186.97 today and a peak of 152.27 on May 7, 2021.

    Furthermore, the local currency has lost 10.11 per cent versus the euro since its high on May 5, 2021. Since its high on May 7, 2021, it has declined 13.24 per cent against the pound.

    Read more: PKR continues losing streak against US dollar, sheds Rs1.48

    The PKR slid Rs2.4 against the pound sterling, completing the day at Rs244.4 per GBP, down from Rs241.97 per GBP the previous session. Similarly, the PKR lost three rupees against the euro, closing at Rs204.08 at the interbank today.

  • PKR declines against US Dollar after winning for a week

    PKR declines against US Dollar after winning for a week

    The winning days for Pakistani currency are over. On April 18, the Pakistani Rupee (PKR) overturned gains against the US Dollar (USD) and registered losses in the interbank market.

    At the completion of the session, the local currency had lost 99 paisas against the US dollar. It declined by 0.54 per cent versus the US dollar, closing at Rs182.54.

    The rupee declined by 0.54 per cent versus the US dollar, closing at Rs182.54 after winning three paisas and settling at Rs181.55 on Saturday, April 16. During the open market session, the Indian rupee (INR) touched an intraday high of Rs181.00 versus the US dollar.

    After the International Monetary Fund (IMF) decided to resume talks with Pakistan under the $6 billion Extended Fund Facility (EFF) programme, the rupee’s seven-day winning streak versus the dollar ended today.

    Considering global variables influencing the local currency, crude prices declined as concerns about slowing demand in China outweighed support despite a constrained global supply situation and the escalating Russia-Ukraine conflict.

    Read more: Global oil prices climb to highest in three weeks

    It is worth noting that the local currency has depreciated by 15.85 per cent (Rs24.98) since the beginning of the current fiscal year on July 1, 2021.