Rupee Posts Big Loss Against US Dollar Second Day in A Wow
The Pakistani Rupee (PKR) opened for trading yesterday with a drop against the US Dollar after a week-long halt in trading due to the Eid holiday. On the second day of the week, this loss worsened with further erosion of the PKR against the greenback.
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PKR fell 29 paisa against USD, closing at R. USD on Monday (May 17).
Dealers said the local unit was under pressure mainly due to increased USD demand from importers and businesses, as trading resumed after the week-long Eid holiday.
Financial markets remain closed from 10 to 16 May 2021 due to the Eid holiday. PKR hit a nearly two-year high against the greenback on May 7, 2021 – the last trading day in the interbank currency market before the week-long government-announced holiday.
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PKR also recorded a loss of nearly 8 paisa against the United Arab Emirates Dirham (AED) and the Saudi Riyal (SAR) in the interbank market today.
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