June 15, 2021 (MLN): The Pak Rupee lost ground to the dollar in an intraday session, opening weaker and losing further value. It has so far depreciated by 45 paisa since yesterday against the USD at the interbank market.
The dollar was quoted at 156.60/156.70 with trades being reported at 156.65.
The dollar had closed last day at 156.19.
Earlier, on the 8th of June, Asad Rizvi, Former Treasury Head-Chase Manhattan Bank said via his Twitter handle that PKR lost some of its gloss due to a surge in Real Effective Exchange Rate (REER) & higher oil prices. Based on this, a 2-3% down move is possible by the end of FY21.
“Despite record remittances and FX reserves, PKR lost 2% & if I am calling correctly we could end up around 157-158 by June end. The both-way move is still possible,” he tweeted today.
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