History has been made as the Pakistani rupee crashed to its lowest ever of 289.75 against the US Dollar during intraday trade today.
The Pakistani rupee fell during the first 4 hours of intraday trade today with the interbank rate losing Rs. 6.35 to fall as low as 289.75.23 by 1:30 PM. Open market rates across multiple currency counters registered highs of 290-295 after initial asks for the greenback opened at 290.
At close, the PKR depreciated by 1.85 percent and suspended movement at 290.22 after losing Rs. 5.37 today.
Sources earlier touted the local currency to be at the mercy of market forces today after trends turned crimson when on Tuesday ex-Prime Minister Imran Khan was arrested at Islamabad High Court by paramilitary forces.
The black market rate has also come closer to the Bank rate and trades in the 290-295 band. Meanwhile, currency dealers said markets are red today and the rupee will drop even further with nationwide protests hurting investor confidence.
Another trader said this week’s default gossip has added fuel to the exchange rate fire. Uncertainty on funding support from IMF-friendly nations has rattled markets. This, including the political saga engulfing the nation, spells doom for sentiments in the coming weeks. “With the budget presentation just around the corner, it is safe to suggest that June will be difficult for us all,” he added.
Pertinently, the rupee is down nearly Rs. 61 since January 2023. Since April 2022, it is down over Rs. 108 against the greenback. As per exchange rate movements witnessed today, the PKR has lost nearly Rs. 6.4 against the dollar.
The PKR declined against the other major currencies in the interbank market today. It lost Rs. 1.42 against the Saudi Riyal (SAR), Rs. 1.46 against the UAE Dirham (AED), and Rs. 3.79 against the Canadian Dollar (CAD).
Moreover, it lost Rs. 3.38 against the Australian Dollar (AUD), Rs. 5.27 against the Euro (EUR), and Rs. 7.27 against the Pound Sterling (GBP) in today’s interbank currency market.
