Intraday trade: US dollar sheds Rs7.38 against Pakistani rupee

As Pakistan’s import pressure decreased, the US dollar lost strength versus the Pakistani rupee (PKR) for the fourth session in a row during intraday activity in the interbank market on Wednesday.

The value of the US dollar decreased by Rs7.38 during Wednesday’s intraday trade, falling from Rs238.38 at Tuesday’s interbank close to Rs231.

The rupee, one of the poorest performing currencies in the world, began losing momentum on Friday after falling for 10 straight sessions in the latter days of July and appreciating by about 5 per cent just last week.

According to data from the Pakistan Bureau of Statistics (PBS), imports fell by 38.3 per cent over the previous month as a significant decline in imports was observed after the government prohibited a number of luxury goods to address the dollar deficit in the economy.

Tuesday’s interbank trading ended with the rupee up a pitiful Rs0.46 or 0.19 per cent, reaching Rs238.38, from 238.84 in the previous trading session. In the meantime, the open market exchange rate remained constant at Rs241.