Daily Times

The US dollar thrashed rupee for the third straight day and gained 17 paisas (-0.11 percent) to reach the three-month high in the interbank on Wednesday. According to the State Bank of Pakistan, the US dollar opened at Rs156.79 and closed at Rs156.96. Within the open market, the US dollar was traded at Rs156.60/157.50. Pakistani rupee shed Rs1.22 against the US dollar during the last three days. However, the local unit has gained Rs12.08 against the greenback in the current fiscal year 2020-21 while appreciation has been Rs2.87 in 2021. The currency experts said that owing to demand for import and corporate payments, the rupee remained under pressure. They said that better economic activities and upward movement in international commodities are exerting pressure on the rupee. They said that there is an increasing demand for the dollar in the market. They said as the fiscal year 2020-21 is ending on June 30, the demand for the foreign currency is high as corporate entities repatriate profit and dividends. They were of the view that the dollar may further climb to Rs157.50–157.75 by June 30. They added that the rupee may recover in the first two weeks of July.