July 19, 2021 (MLN): The Pakistani Rupee (PKR) continued to lose its value against the dollar in the interbank market as it depreciated by 70 paisa with the US Dollar (USD) being quoted at 160.65/160.75 [11:00 am] compared to Friday close.
The rupee has depreciated by 5.24% since its highest value just two months ago and has lost 1.96% since the beginning of FY22.
According to Asad Rizvi, CEO of CMKA, the rupee is under pressure because of holidays in the Middle East and a shortened week in Pakistan, resulting in no remittances.
Posting views on his social media account, he said, “In Pakistan, we have two working days this week. The gulf market will remain closed. This means no remittances are expected from Middle Eastern countries. Eid Holidays is an annual routine, but it will add pressure. Therefore, I do not see any respite in the next 7-10 days.”
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