PKR extends decline, settles at 280.29 after losing Rs3.26 in interbank trading

The Pakistani rupee depreciated by PKR3 in open market and was quoted at 280 for selling and 277 for buying against the greenback

The Pakistani rupee (PKR) extended its decline against the US dollar as it depreciated 1.16% by losing Rs3.26 in interbank on Wednesday.

In the early hours of interbank trading, the local currency was quoted between the ranges of PKR 278.5 to 280 in interbank trading, with actual trades being executed at PKR278.50 per US dollar.

The rupee finally settled at 280.29 after a decrease of Rs3.26 in the inter-bank market at the closing of trading session, as per data shared by the State Bank of Pakistan (SBP).

The remarkable 28-day winning streak of the Pakistani currency came to an end on Tuesday (October 17) when it experienced 0.07% devaluation against the US dollar after settling at PKR277.03.

Furthermore, the Pakistani rupee was quoted at 280 for selling and 277 for buying, reflecting a depreciation of 3 rupees in comparison to the previous session.

According to a report by Profit, the rupee had fallen to a record low of PKR 307.09 per dollar on September 5. But following a crackdown by agencies on illegal foreign exchange trading and structural reforms introduced by the central bank, the rupee had recovered every day in the interbank market since then. It had gained PKR 30.26 or 9.85% prior to today’s depreciation.

Sana Tawfik, a senior analyst at Arif Habib Limited, attributed recent depreciation to “rebalancing”. This implies that the rupee has become overvalued following 28 days of appreciation and needs to fall again to its ‘actual value’.

“Given that we have a flexible exchange rate, this was bound to happen because our import restrictions have been lifted and debt repayments have to be made. The rupee’s appreciation was going to be halted at some point. The day-on-day depreciation is driven by demand and supply,” she commented.

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