Rupee Reverses Gains Against US Dollar, Other Currencies
Today, the Pakistani rupee (PKR) experienced a reversal of fortunes against the US Dollar, posting losses after earlier gains. Although it had remained primarily stable during intraday trade, the interbank rate had risen by over 60 paisas to 283.22 by 11 AM and stayed at that level until 1:25 PM.
However, by the end of the day, the PKR had depreciated by 0.03 percent, losing seven paisas to settle at 283.91.
Last week, the markets had ended on a positive note despite pessimistic macroeconomic forecasts from the government, but today the situation was different, with underperformance attributed to the ongoing economic crisis, which has seen rapid PKR devaluation, record inflation, and rumors of default.
Investors seem cautious, with many opting to keep profits in foreign currencies unless they need to convert them. The PKR has lost nearly Rs. 54 since January 2023; since April 2022, it has depreciated over Rs. 101 against the US Dollar.
Today, it also lost ground against most other major currencies in the interbank market. Overall, the current political uncertainty, economic shortfalls, and the ongoing deadlock with the International Monetary Fund (IMF) are contributing to the rupee’s weakness.
The situation will only persist if effective adjustments are made to address the issues of low capital inflows, exchange rate degradation, and inflationary pressures.
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