Rupee Suddenly Posts Blanket Losses After 5 Days of Huge Gains

The Rupee closed at Rs. 152.82 to the USD today (April 13), down from Rs. 152.74 to the USD in the interbank market on Monday (April 12), with the depreciation of 8 paisas.

At the same time, Pakistan received record remittances of above $2 billion from overseas workers for the tenth consecutive month in March 2021.

According to the SBP, remittances sent by Pakistani expatriates amounted to $2.7 billion during March 2021, increasing by 43 percent compared to March 2020.

The depreciation of the Rupee against the US dollar today was expected following a long upward rally.

Against other major currencies as well, PKR posted almost blanket losses except for a gain against the Canadian Dollar (CAD).

PKR posted a gain of 25 paisas against the CAD. Otherwise, PKR posted a loss of 34 paisas against the Euro, 17 paisas against the Pound Sterling (GBP), 4 paisas against the Australian Dollar (AUD), and 2 paisas each against the UAE Dirham (AED) and the Saudi Riyal (SAR) today.

Source: Pro Pakistani