ISLAMABAD: Continuing its downtrend, the Pakistani Rupee (PKR) has fallen to a new low of Rs175 against the US dollar. in inter-bank trading.
On Tuesday (Oct 26), rupee lost 37 paisa in the intraday trade against the dollar, backed by higher demand for the American currency that shattered the traders’ sentiments. In the previous session, the domestic currency had closed the trade at 174.43, Mettis Global reported today.
Expressing his views on the continuous slide, Asad Rizvi, the former Treasury Head at Chase Manhattan said, “Market needs a firmer direction. Traders are nervous and unsure about the next move, which is causing the high level of stress.”
There is no stopping to PKR’s one-sided move. Players are unsure about the size of the next hike. Rebalancing of portfolio and mitigating financial losses is tough, he added.
A consistent depreciation of Pakistani rupee has triggered price hike amid growing prices of essential commodities in the international market.
