ISLAMABAD: The Pakistani rupee (PKR) further depreciated on Wednesday as the currency closed trade at Rs 186.13 per USD, witnessing a decline of 90 paisa in the interbank market.
The rupee endured a volatile trading session with quotes being recorded in a range of 80 paisa per USD showing an intraday high bid of 186.25 and an intraday low offer of 185.45. Within the open market, PKR was traded at 186/187.20 per USD.
The ongoing political turmoil, rising economic challenges including a decline in foreign exchange reserves and delay in the IMF programme have created a strong impact on the currency which will have to endure a sharp decline in coming days.
From July 21 to date, the local currency has lost Rs 28.58 against the USD. During the year, PKR lost 18.19% against the greenback, reached its lowest at 186.13 today and touched its high of 152.27 on May 7, 2021.
Furthermore, the rupee has weakened by 10.47% since its high on April 08, 2021, against Euro, while it has dropped by 13.81% against Pound Sterling GBP since its high on April 09, 2021.
In addition, the performance of PKR remained bleak against major currencies during the current year to date as it depreciated by 5.29%, 5.24%, 5.17%, 3.13%, 2.04%, 2%, and 1.55% against CNY, SAR, AED, CHF, GBP, JPY, and EUR, respectively.
Meanwhile, the currency lost 10 paisa to the Pound Sterling as the day’s closing quote stood at PKR 243.23 per GBP, while the previous session closed at PKR 243.14 per GBP. The rupee’s value strengthened by 63 paisa against EUR which closed at PKR 202.77 at the interbank today.
