KARACHI: On Wednesday, PKR dropped by more than a rupee against USD in both interbank and open markets going below 166. It also saw similar fall against Euro in open market touching 195. According to some monetary experts, this continuing drop in PKR can be due to market feeling uncomfortable due to rising imports, possible reduction in future remittances with global travel opening up, rising commodity prices and Real Effective Exchange rate not in line with market expectations. On the global front, safe haven USD continued to be traded near one week low against other majors as COVID Delta variant fears subsided.
INTER-BANK MARKET RATES: In the interbank market, Pakistan Rupee lost 1.15 rupees for both buying and selling against USD over yesterday’s rates closing at 166.25 and 166.35 respectively.
OPEN MARKET RATES: In the open market, PKR lost 90 paisas for buying and 1.10 rupees for selling over yesterday’s rates closing at 166.30 and 166.80 respectively.
Against Euro, PKR lost one rupee for buying and 1.30 rupees for selling closing at 193.50 and 195 respectively.
Against UAE Dirham, PKR lost 30 paisas for buying and 40 paisas for selling closing at 45.20 and 45.50 respectively.
Against Saudi Riyal, PKR lost 30 paisas for buying and 40 paisas for selling as well closing at 44.10 and 44.40 respectively.
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Open Bid Rs 166.30
Open Offer Rs 166.80
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
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Bid Rate Rs 166.25
Offer Rate Rs 166.35
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RUPEE IN LAHORE: The Pak rupee continued its declining trend for the third consecutive day versus the American dollar and the British pound on the open currency market on Wednesday.
According to the local currency dealers, the short supply phenomenon of the US dollar prevailed for another day in the market which helped its further appreciation for buying and selling at Rs 166.00 and Rs 166.80 against the overnight closing rates of Rs 165.00 and Rs 166.00, respectively.
Similarly, the British currency touched all-time high and was bought and sold at Rs 226.50 and Rs 228.00 against Tuesday’s closing trend of Rs 225.50 and Rs 227.00, respectively, they added.
Copyright Business Recorder, 2021
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