Pakistan rupee to stay weak with surging oil, commodity prices: Deutsche Bank

Pakistan rupee to stay weak with surging oil, commodity prices: Deutsche Bank

Pakistan's currency could be weakened as the surge in energy and commodities prices deepens the nation's current account deficit, according to Deutsche Bank AG's country head, referring to the broadest measure of trade. The exchange rate of the Pakistan rupee remained stable against the US dollar in the interbank trading on Thursday and closed at Rs181.73. Against the UAE dirham, the rupee was valued at Rs49.44, depreciating by 10 paise from Thursday's Rs49.35. Check Weakness in the Pakistani rupee's value against the US dollar will be automatically reflected in its exchange rate with the UAE dirham as the UAE currency is pegged to the dollar. According to the Forex Association of Pakistan (FAP), the buying and selling rates of US dollar in the open market were recorded at Rs181.8 and Rs183.2 respectively. "That's a key concern for the economy and for the business community," the bank's chief country officer, Syed Kamran Zaidi, said in an interview. "That is obviously something which the banks are also cautious about." The South Asian nation, which imports most of its fuel needs, saw its energy bill rise to $13 billion in the first eight months of the year that started in July, more than