The Pakistani Rupee (PKR) is posting fluctuating movement in the interbank currency market. After yesterday’s deterioration that led PKR to nearly cross
Remittances sent by Overseas Pakistanis extended their record run with inflows of Rs. 2.5 billion received from various countries in May 2021, according
Rupee Starts Falling Against the US Dollar Again
The Pakistani Rupee (PKR) resumed its deterioration trend against the US Dollar (USD) today (Thursday, 10 June), and almost pierced the Rs. 156 exchange rate boundary.
It closed at Rs. 155.91 against the USD at the end of the trading day today, down by 22 paisas as compared to Rs. 155.69 to the USD yesterday (Wednesday, 9 June).
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On the first two days of the current week, the PKR had posted significant losses of 70 paisas and 47 paisas, respectively. Yesterday it had posted an improvement of nine paisas.
Regarding the recent downfall of the PKR, the Managing Director of Khadim Ali Shah Bukhari Securities, A. A. H. Soomro, told ProPakistani that the “pressure on the currency is stemming as the economy opens up, imports grow faster than the exports & REER at 103”.
Pakistan's consumer's inflation(CPI)-based clocked in at 10.9 percent on a year-on-year basis in May 2021 compared to an increase of 11.1 percent in the
Current Account Records a $200 Million Deficit in April 2021
The Current Account recorded a deficit of $200 million in the month of April due to a high import bill in the outgoing month, according to data reported by the State Bank of Pakistan (SBP).
The current account deficit of April 2021 is 61 percent lower than it was in April 2020. However, the current account had maintained a surplus position that stood at $800 million during the first 10 months of the current financial year 2020-21, a significant turnaround from the deficit of $4.7 billion during the same period last year.
With the economy rebounding strongly in FY21, imports are picking up but are being offset by unprecedented growth in remittances and recovery in exports. With the CAB contained and the foreign exchange reserves at a four-year high, the economic revival is on sound and sustainable footing.