The Pakistani get another lost in its value against US dollar on Wednesday. This is the second day with a continuity that the rupee has decreased after a 22-day victory against the Greenback.
According to statistics of interbank market, the rupee closed at Rs 159.83 per dollar, compared to yesterday’s price of Rs 158.31. There was a loss of Rs. 1.52 against Greenback during the session.
Rupee reduced by. 2 and was trading around 160.30 against the greenback in the open market.
On a higher / lower basis, PKR has been weakened by 1.2% in intraday, which gives it the highest volatility in the last five months. Komal Mansoor, from Financial Markets Tracking Application Tracemark, said the rupee was at a high of Rs 158.25 and a low of Rs 160.10.
“In our research dated 7th Nov, our research team had pointed out major support at 158.10. Bankers talking with our research team have said the jump may be temporary as banks were covering their short positions in the market. An anonymous source at SBP said it’s a “market-driven correction”.
Khadim Ali Shah Bukhari’s managing director AAH Soomro told that reforms were needed.
“The one-way street was not sustainable as imports increased. SBP’s tariff financing would be worth more to import machinery,” he said.
Despite the steady influx of foreign exchange in the country due to increased remittances and increased foreign direct investment with overseas remittances and bright digital accounts, the Pakistani rupee came under severe pressure today.