Daily Times

Pakistani rupee depreciated by another 62 paisas (-0.39 percent) against the US dollar in the inter-bank on Monday. According to the State Bank of Pakistan, the US dollar opened at Rs156.89 and closed at Rs157.51. Within the open market, the US dollar was traded at Rs157/157.80. Pakistani rupee shed Rs1.15 against the US dollar last week. However, the local unit has gained Rs11.53 against the greenback in the current fiscal year 2020-21 while appreciation has been Rs2.32 in 2021. The currency experts said that the demand for dollars remained high as the market opened after two days. They 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 added that the rupee may recover in the first two weeks of July.