Dollar up by 55 paisa in early trade

MG News | August 09, 2021 at 10:12 AM GMT+05:00

0:00

August 9, 2021 (MLN): The Pakistani Rupee (PKR) continued its downward journey on Monday, depreciated by over 55 paisa against the US Dollar (USD) in early trade at the interbank market.

The dollar was quoted as high as 164.00/164.10 before falling to 163.85/163.95 (10:05 PST).

In contrast, the previous' interbank session was concluded at a closing quote of 163.45.

Nevertheless, a few offsetting factors may provide some relief such as projected strong remittance inflows that might support the local currency to release some pressure.

In an early-morning tweet, Asad Rizvi, Former Treasury Head-Chase Manhattan Bank said, “This is an important week as release of Remittances data will set the FY22 tone.”

“I do not see inflow slowdown. July remittances numbers are critical because of long M/E holidays due to Eid-al-Adha. Anything around $2.5bn plus will set the ball rolling,” he added.

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