Rupee slides deeper in forex market


From Zeeshan Mirza

KARACHI: Pakistani currency hit the much anticipated level of Rs165 against the US dollar in interbank market during intraday trading on Tuesday.
The rupee further lost ground due to increase in demand for dollars after Prime Minister Imran Khan further eased the lockdown. The premier permitted more sectors of the economy to resume work from Monday. The rupee further depreciated by Rs1.42 to an intraday low of Rs165.50 to the greenback during the day, according to a source.
A couple of months ago, a few research houses anticipated the level of rupee to fall to Rs165-170 against the dollar by the end of June considering surge in demand for dollars in the slowly reopening Pakistan’s economy and a drop in supply. With this, the rupee has cumulatively depreciated by Rs4.08 in the last four working days (May 28 to June 2). At present, the rupee is trading at a seven week low of Rs165.50.
Earlier, the local currency had increased to Rs159.65 against the US dollar on May 5.