Rupee breaks winning streak against US dollar depreciates by 0.54%

• Traders say the rupee will trade in a range of 180-181 during the week.
• Investors took negative signal from expansion trade deficit.
• The Pakistani Rupee has depreciated by Rs 24.98 since July 1, 2021.

KARACHI: Pakistani rupee breaks sevensession winning streak against The United States dollar depreciated slightly by 0.54% in inter-bank market on Monday.

According to the State Bank of Pakistan (SBP), rupee closed once again topped Rs 182 to close at Rs 182.52. against dollar compared to closing on Saturday of Rs 181.55.

Local currency corrected today after strengthening over Re1 last a week; however, traders believe that the rupee will trade within range of 180-181 against United States dollar in This week.

Read more: Pakistan to attend IMF-World Bank meeting in USA this week

Investors took negative signal from extension trade deficit rose by 12% to $3.64 billion. in March 2022 compared to the same month of in last fiscal year.

The ruble kept its downward trend for in last 11 months. To date, it has lost 19.86% (or Rs 30.25) compared to the previous year. record high of Rs 152.27 recorded in may 2021.

with fresh decline of 0.54%, the Pakistani rupee has depreciated 15.85% (or Rs 24.98) since start of in current fiscal year on July 1, 2021, data published by the central bank disclosed.

Read more: when SBP next monetary policy meeting?

According to the Tresmark report, the rupee is unlikely to sustain a rally. below 180 and it’s yet to be seen how in current government will deal with expiration of tenure of SBP Governor Reza Bakir.

“The extension could be an incentive for market confidence, while a replacement would be seen as a regression,” the report said.

In the meantime open market forex courses of other currencies against pakistani rupee looks like this: