Rupee Drops Even Further Against the US Dollar for the 3rd Consecutive Day

The climb of the Pakistani Rupee against the US Dollar seems to have come to a halt, as for the third consecutive day, PKR declined in the exchange rate against the USD.

PKR traded above Rs. 160 against the USD for the first time since November 02, 2020.

From trading at Rs. 159.83 on November 18, PKR lost 78 paisas to trade at Rs. 160.61 to the dollar on November 19, 2020. Yesterday (November 18), PKR weakened by 1.2 percent intraday on a high/low basis trading at the highest of 158.25 and the lowest at 160.10.

The root cause for this change in PKR’s movement against the dollar is being attributed to the rise in the country’s imports. Temporary Economic Relief Facility (TERF) by the State Bank of Pakistan (SBP) is going to encourage even higher imports of machinery, which is only expected to make PKR lose against USD even more.