Rupee hits a one-week low against the US dollar.
Monday marked the third consecutive working day that the Pakistani rupee declined, reaching a one-week low at Rs 285 vs the US dollar in the interbank market as demand for the dollar outpaced supply.
The rupee closed at Rs285.64 versus the US dollar, down 0.09%, or Rs0.25, according to data from the State Bank of Pakistan (SBP). The currency has lost a total of Rs0.51, or 0.18%, of its value over the last three working days.
According to the Exchange Companies Association of Pakistan, the open market value of the rupee was Rs287/$, down 0.17%, or Rs0.50.The rupee-dollar parity will fluctuate within a small range this week, according to Treasury firm Tresmark’s weekly analysis over the weekend, despite the fact that demand for the dollar has outpaced supply.
The treasury company thinks that in order to strengthen its reserves, the central bank is purchasing US dollars from the market, which is creating more demand for the US currency.
Additionally, exporters have refrained from selling their dollar revenues in anticipation of additional rupee depreciation versus the US dollar. They might make more money in rupees as a result of the sales delay.
