There was a time when rupee to dollar parity remained somewhere between PKR 60 – 65. But that has changed as rupee continued to weaken against dollar and now stands at PKR 104.86/87 on the interbank market. The low of rupee to dollar parity in the interbank market was PKR 104.85/86.
In the first trading session of this week, there was no change in the value of dollar and its weekend level remained intact. The first change in rupee to dollar parity was recorded in the third session, when there was a slight increase in the demand of dollar and rupee went down by one paisa to PKR 104.86 on the interbank market.
Banks remained closed on the first day of Ramazan, hence there was no activity in the interbank market with rupee to dollar parity remaining flat in the last session. On week-over-week basis, the dollar strengthened by 10 paisas against rupee. Whereas, during the month of May dollar increased by 0.08% against rupee with high of PKR 104.86/88 and low of PKR 104.78/80.
Rupee To Dollar Parity During Last Five Years
Dollar gained 10 paisas in only one session and remained flat in the other sessions of the week. While the interbank rates were lower, rates in the open market were a lot higher with a dollar trading for PKR 105.90. The change in open market occurred after rupee strengthened against dollar in the first two sessions.
The depreciating value of Pakistani rupee is a concern for many investors who believe that devalued rupee can cancel out the effect of the attractive stock market. Moreover, it is believed that forex reserves, exports, and remittances should be increased in the future or otherwise the devaluation of the currency will continue to happen.