Pakistani rupee resumes losing streak

Pakistani rupee resumes losing streak

The Pakistani rupee resumed its losing streak against the US dollar, the UAE dirham and other major currencies in July and will remain under pressure in the coming weeks. Latest data indicates that the Pakistani currency shed 3.1 per cent of its value against the US dollar in the interbank market last month while year-to-date decline extended to 1.62 per cent. The rupee lost 54 paisas against the greenback and closed at Rs162.43 to the dollar on Friday as compared to Rs161.88 a day earlier, according to the financial analytics platform Capital Stake. Market experts and analysts said the rupee will remain under pressure against the US dollar, the UAE dirham and other major currencies chiefly due to current account deficit which stood at $1.85 billion in fiscal year 2020-21 owing to a jump in imports on account of increase in crude oil and other commidity prices. "The current account deficit widened to $1.6 billion in June compared to $650 million in May," according to the State Bank of Pakistan, the central bank. Samiullah Tariq, head, R&D, Pakistan Kuwait Investment Company, said the rupee will recover some ground during the fourth quarter and is likely to stabilise at Rs165 to