Pakistani rupee loses further ground against USD

ISLAMABAD: The Pakistani rupee on Thursday witnessed a Rs1.35 devaluation against the US dollar in the interbank trading and closed at Rs305.80, ARY News reported.

However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs322 and Rs325 respectively.

Earlier, in the open market, the rate of the US Dollar (USD) soared to a record high against PKR reaching Rs 322, while it was not available at Rs 328 in the market.

According to the reports, the US dollar reached its highest level in two weeks, causing the Pakistani rupee to further depreciate the currency in the market.

A high demand for the US dollar is observed in both interbank and open markets, maintaining its highest level in recent history.

USD: US Dollar gains on solid data

The US Dollar (USD) gained on Thursday as U.S. data showed a mixed picture of the American economy, while the euro was weighed down by cautious comments by a leading European Central Bank hawk.

U.S. consumer spending accelerated in July with an 0.8% increase, but slowing inflation strengthened expectations that the Federal Reserve would keep interest rates unchanged next month.

The personal consumption expenditures (PCE) price index rose 0.2% last month, matching June’s gain.

It comes after a string of data this week, including a drop in job openings to the lowest level in nearly 2-1/2 years in July, raised concerns that the economy is slowing.