US dollar completes double century against Pakistani rupee once again

By: News Desk
Published: 10:47 AM, 6 Jun, 2022
US dollar completes double century against Pakistani rupee
Caption: US dollar
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The U S dollar on first day of business week initially gained 83 paisas against Pakistan rupee and around 12 noon it gained Rs1.88 and around 1:30pm it crossed the psychological mark of Rs199 yet again in intrabank trading after an increase of Rs2.08, reported 24NewsHD TV channel quoting forex traders.

The US dollar with an increase of Rs2.08 against Pakistani rupee closed at Rs200.06 from Rs197.92 on Monday. 

The Pakistan rupee has lost historic Rs2.08 value against US dollar in the first half of the intrabank trading on Monday.  

The previous week closing of US dollar was Rs197.92.

As per forex traders, Pakistani rupee will remain under pressure until the government and international lender IMF will make an agreement.

The situation in the intrabank trading may remain unpredictable and uncertain until the presentation of federal budget as well.

Former treasury head at Chase Manhattan, Asad Rizvi, told Mettis Global — a web-based financial data and analytics portal — that the conditions would remain choppy until the budget and the approval of the IMF for the resumption of its loan facility for Pakistan.

Moreover, he said, “Moody's on Thursday downgraded Pakistan's economy's outlook from stable to negative due to the external financing factor, and the market reaction saw the PKR dipping. Closure of market in the Middle East also added pressure.”

Reporter Ashraf Khan