Rupee Posts Massive Losses Against All Major Currencies
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The PKR closed at Rs. 154.37 to the USD at the end of the trading day today (Tuesday, 25 May) as compared to Rs. 153.69 to the USD on Monday (24 May).
The GDP projections that have been making headlines might have signaled a position of strength for the PKR in the international currency market, but today’s movements turned out to be different.
Regarding this, the former Treasury Head at Chase Manhattan Bank, Asad Rizvi, said earlier in the day, “Today Rupee is expected to open with a weaker tone around 154 levels against yesterday’s SBP close of 153.6982”.
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Rupee Posts Huge Losses Against the US Dollar Third Day in A Row
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PKR has lost almost an entire rupee (94 paisas) to the greenback in the last three sessions.
Dealers said that the local unit was under pressure primarily due to increased demand for the USD from importers and companies, as trading resumed after a weeklong holiday due to Eid.
PKR had hit a nearly two years high against the greenback on May 7, 2021 – the last trading day in the interbank currency market before week-long holidays as announced by the government. Now it’s on a consistent losing trajectory again.