- Pakistani Rupee Records Modest Upturn Against US Dollar as Trading Day Commences.
- Recent Back-to-Back Setbacks Pushed Rupee to Lowest Level Since May 11 Against Dollar.
- Anticipated Strain on Rupee Due to Escalating Demand for Foreign Currency Amid Import Backlog Clearance.
The Pakistani rupee displayed modest improvements against the US dollar in the initial trading hours of the first working day.
Within the inter-bank trading session, the rupee exhibited a marginal increase of 0.03, with a quoted value of 295.75.
In the preceding week, the domestic currency encountered consecutive setbacks, causing it to plummet to 295.78 in comparison to the US dollar, marking its lowest point since May 11.
The beleaguered rupee is anticipated to face continued strain in the face of the US dollar over the forthcoming days. This situation is predominantly attributed to the substantial demand for foreign currency, primarily stemming from the necessity to clear the backlog of consignments.
The government’s recent removal of all import restrictions has significantly contributed to this surge in demand.