Rupee Crashes 2nd Day in a Row Against US Dollar, British Pound
Today’s intraday trading saw the Pakistani rupee deepen losses versus the US dollar after trading at 277.5 at the start of the day.
It was all green at 11 a.m., soaring as high as 272 after gaining Rs. 5 in relation to the US dollar.
Later, between 12:30 and 1:15 PM, it returned to the level of 277 and remained there until it crashed below the 279 level.
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Multiple currency counters’ open market rates decreased to a range between 287 and 292 dollars.
The PKR lost Rs. 1.67 versus the dollar today and decreased by 0.60 percent to settle at 279,26.
The unofficial exchange rate first increased, peaking at 286 at 11:15 AM before falling to 295 at noon.
The current dollar cash rate in Hundi was in the 291-298 range, despite numerous channels (undocumented) reporting rates as high as 305.
Despite Friday’s news that Pakistan had secured an additional $5.6 billion in financing after receiving a $1.2 billion deposit from the International Monetary Fund (IMF), today’s losses are a result of that.
According to Nathan Porter, the IMF’s mission chief in Pakistan, the new funds total $3.7 billion in bilateral commitments from countries including Saudi Arabia and the United Arab Emirates, of which $3 billion has already been distributed.
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The losses from today follow trends from the previous week, which were marked by highs and lows as market participants responded to inflows of cash from the UAE, KSA, and IMF.
The SBP’s foreign exchange reserves will increase to more than $8.5 billion thanks to Thursday’s IMF tranche and prior payments of $1 billion from the United Arab Emirates and $2 billion from the Kingdom of Saudi Arabia.
One trader told ProPakistani that today’s decline serves as another evidence of how, notwithstanding inflows, uncertainty can be harmful to the currency rate.
“Despite reaching record levels recently, interest rates and the impact of rising inflation brought on by a weaker rupee will increase the exchange rate, but long-term growth is improbable. The rupee is expected to trade between 285 and 300 till elections are held, he continued.
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Since January 2023, the rupee has decreased by around Rs 54 overall. It has lost value versus the dollar by more than 103 rupees since April 2022. The PKR has decreased by Rs. 1.67 versus the dollar today, according to the changes in currency rates seen today.
In the interbank market today, the PKR was bearish relative to the majority of the other major currencies. In relation to the Saudi Riyal (SAR), the UAE Dirham (AED), the Pound Sterling (GBP), and the Euro (EUR), it lost 44 paisas, 45 paisas, Rs. 1.48, and Rs. 2.18 respectively.
In the current interbank foreign exchange market, it lost 51 paisas against the Canadian Dollar (CAD) and 66 paisas against the Australian Dollar (AUD).
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