Pakistani Rupee May Rebound Shortly at FinGad.com

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Categorie: Currencies
Submitted 3 months ago by

Noor-us-sabbah , Senior Editor at FinGad

Pakistani rupee has been under severe selling pressure again all major currencies of the world, especially the US dollar. Current economic crisis has led the Pakistani currency to this miserable condition. When everything else failed to control currency devaluation, the central bank of Pakistan came into play on May 22, 2008 and took several measures to handle the situation. The things got a bit better afterwards, but again in July rupee sank to all time low against the US dollar, i.e. 72.90. If we take a look at the graph showing PKR/USD parity, we discover that rupee/dollar rate had been quite steady below 63 during the first quarter of the current year. It showed maximum resistance at the level of 62.5. Later during the third week of April, rupee started getting depreciated drastically and impaired the country’s foreign reserves to a great extent. In May and July, it fell to record levels of 69.77 and 72.90 respectively.The US dollar started appreciating against the rupee in April, when it actually broke the resistance barrier of 63. It was a steady downward journey for the rupee, as depicted in the graph below.margin: au... More...

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#1 | Liz @ 3 months ago User Rank : 662 Portfoilo Balance: $216,918.00 Comment Rating: 0 Flag Comment Spam | Miscategorized | Prohibited: Good luck to all Pakistani!

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