The Pakistani rupee nosedived for the 8th day in a row against the US Dollar during intraday trade today after opening trade at 288.225 in the interbank market.
At 12 PM, it was bearish, dropping as low as 290 after losing ~Rs. 2 against the greenback.
Later, it recouped to the 288 level between 12:30 PM and 1:15 PM and stayed at that level.
Open market rates (documented) across multiple currency counters stayed in the 292-296 range.
At close, the PKR depreciated by 0.21 percent to close at 288.52 after losing 60 paisas against the dollar today.
The informal exchange rate initially docked at 298-303.
Today’s cash rate per dollar in Hundi clocked in at the 296-301 band while many channels (undocumented) reported rates as high as 305.
The PKR crashed again for the 8th consecutive day today.
“Losses are in tandem with sentiments. Cash counters are dry while informal channels are beaming with business. The decline has slowed, but clocking below 290 tomorrow would be in accordance with expected research. It is possible that the currency market closes in green before the country observes Ashura at the end of this week,” a trader said.
Overall, the rupee is down nearly Rs. 63 since January 2023. Since April 2022, it is down over Rs. 112 against the greenback. As per the exchange rate movements witnessed today, the PKR has lost 60 paisas against the dollar today.
The PKR was bearish against most of the other major currencies in the interbank market today. It lost 16 paisas against the Saudi Riyal (SAR), 17 paisas against the UAE Dirham (AED), Rs. 1.01 against the Canadian Dollar (CAD), and Rs. 1.09 against the Australian Dollar (AUD).
Conversely, it gained three paisas against the Euro (EUR) in today’s interbank currency market.
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