June 26, 2019 (MLN): PKR has weakened further in early trade at interbank today, to touch another all-time low of 160/161 against Dollar.
Deals have been reported at PKR 159.5/160 per dollar as of now (9:55 am – PST).
During the month of June, rupee has depreciated by 8.15% having closed the prior month at 147.92 against greenback.
Bearing in mind the freshly agreed deal with the International Monetary fund (IMF), further depreciation was expected in the markets as it is a condition for the agreement.
In the recent past, governor State Bank of Pakistan had said in a press conference that the value of PKR will be based on the supply and demand.
Having said that, the SBP can’t intervene in this matter which means the trade is mainly led by the demand and supply where the latter is apparently in shortage.
The governor had also pointed out that since fiscal year 2019 is drawing near its end and it is year-end for companies, the demand for USD is also high.
After today's depreciation, debt has gone up by Rs.346 billion and by around Rs.1,305 billion since the start of the month
