Stock - Pakistan economy - Pakistani rupee
The Pakistan rupee seems to be handling the Russia-Ukraine fallout for now. Image Credit: Bloomberg

Dubai: The Pakistan rupee slipped on Monday much like its counterparts elsewhere did, with the dollar turning stronger as the world keeps searching for a solution to end the Russia and Ukraine conflict. However, the PKR’s decline remains within a tight range for now.

Around 2pm UAE time, the PKR against Dh1 was at PKR48.34 after closing Friday at PKR48.05 levels. The lowest point for the Pakistan rupee has been the PKR48.81 on December 19.

“Today’s decline suggests that PKR seems to be holding up relatively well,” said a Treasury analyst at LuLu Exchange. “Between February 19-24, the PKR was trading in a tight range, around PKR47.67-47.9, and even after the conflict erupted, it’s holding to the PKR48.2/48.3 levels.

“We reckon that the rupee has already gone through a protracted round of weakness, which explains its relative immunity to external pressures now.”

The Pakistan rupee had been through a lot in these 18-24 months, as the economy suffered the COVID-19 hit.