Dollar jumps to Rs155.92 as rupee sheds 23 paisa

Observer Report

Pakistani rupee struggled against the US dollar and shed 23 paisas (-0.15 percent) in the interbank on Thursday.

According to the State Bank of Pakistan, the US dollar opened atRs155.69 and closed at Rs155.92. Pakistani rupee shed Rs1.30 against the US dollar during the last four days. Within the open market, the US dollar was traded at Rs155.50/156.20.

However, the local unit has gained Rs13.13 against the greenback in the current fiscal year 2020-21 while appreciation has been Rs3.92 in 2021.

Currency experts said that the rupee remained under pressure due to higher import and corporate payment demands ahead of the budget announcement. They hoped that the local currency would rebound in the coming days owing to strong inflows of export receipts and workers’ remittances. They said that trade figures for the month of May too were not supportive.

They said that 2 to 3 percent move is quite normal, which is based on economic factors.—TLTP

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