Daily Times

Pakistani rupee snapped its losing streak against the US dollar after two days and gained 9 paisas (+0.6 percent) in the interbank on Wednesday. According to the State Bank of Pakistan, the US dollar opened at Rs155.78 and closed at Rs155.69. Pakistani rupee shed Rs1.07 against the US dollar during the last three days. Within the open market, the US dollar was traded at Rs155.80-156.30. However, the local unit has gained Rs13.36 against the greenback in the current fiscal year 2020-21 while appreciation has been Rs4.15 in 2021. Currency experts said that the inflows of export receipts and workers’ remittances helped the rupee make gains during the day. They said that the rupee weakened during the first two days of the current week due to a surge in real effective exchange rate and higher oil prices. They said that trade figures for the month of May too were not supportive. They said that 2 to 3 percent move is quite normal, which is based on economic factors. They said that the market witnessed higher demand for dollars as the corporate sector and importers were seen busy buying the foreign currency for their payments. They said as the fiscal year 2020-21 is ending June 30, the demand of the foreign currency is usually high as corporate entities repatriate profit and dividends.