US dollar runs over Pakistani rupee’s resistance

By: News Desk
Published: 10:24 AM, 6 Jul, 2022
US dollar runs over Pakistani rupee’s resistance
Caption: Representational image.
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The US dollar did not waste any time on Wednesday to neutralize whatever gain the Pakistani rupee managed to score in the early intrabank trading and at the end of the day registered by over a rupee, reported 24NewsHD TV channel.

After getting a good thrashing at the hands of US dollar on Tuesday which was appreciated by Rs2.38, the Pakistani rupee halted greenback’s further flight on Wednesday morning bringing its value down by 19 paisas. However, the US dollar, as usual, struck back and struck back hard.

Recovering the loss, the greenback shot up by Rs1.05 sinking Pakistani currency once again.

The US dollar settled the days for Rs207.99.

In the open market the US dollar has topped the Rs209 mark.

Yesterday, the American currency was closed at Rs206.94. 

The Pakistani rupee which was constantly gaining some ground against the US dollar for almost a week, lost its steam Tuesday as its value was depreciated by a massive 2.38 in the interbank trading.

It was observed that after the announcement of the Memorandum of Economic and Financial Policies (MEFP) received from IMF for the combined 7th and 8th reviews on June 28, the rupee started its upward trajectory against the greenback in the interbank market.

Now, experts said the fresh decline in rupee's value was due to repayments pressure and increase in dollar demand.

Reporter Ashraf Khan