PKR weakens, hits 150.1 against US dollar in interbank market

LAHORE: Pakistani rupee depreciated by Rs1.5 against US Dollar in Monday's interbank session, as the currency closed the day at Rs150.1 per USD, as against the previous closing at Rs148.6.

The rupee endured a volatile trading session, as it was traded in a range of 1.85 rupees per USD, showing an intraday high bid of 150.75 and an intraday low offer of 149.5.

Meanwhile, the currency lost Rs2.6 against Pound Sterling as it stood at Rs190.53 per GBP, as against the previous close at Rs187.92 per GBP.

Moreover, PKR's value weakened by Rs3.6 against Euro and closed at Rs169.65 in the interbank market.

Within the open market, PKR was traded at 149.50/151 per USD.

As speculated earlier by market experts, the US dollar has started to regain value and will continue its upward rally following the conclusion of the holiday season.

Earlier, the rupee had hit its record low against the US dollar to reach Rs154 in the open market and Rs153.5 in the interbank market on May 21. However, during the last week of May, the PKR regained Rs1.42 in its value against the greenback, bouncing back from State Bank of Pakistan’s mid-rate of Rs150.90 to Rs149.53 in the interbank market.

Talking to Pakistan Today, Pak Kuwait Investment Co AVP Research Adnan Sheikh said, "People are booking profits in dollars and investing in high yielding fixed income or equities."

He said dollar's depreciation drive was only till Eid and the US dollar is likely to regain its value now since the remittance season is over.