The Pakistani rupee slid against the US Dollar during intraday trade today after opening trade at 285 in the interbank market.
At 12 PM, it was bullish, rising as high as 281 after gaining ~Rs. 5.8 against the greenback.
Later, it dropped to the 287 level between 1:30 PM and 2:30 PM and stayed at that level.
Open market rates (documented) across multiple currency counters rose to the 292-295 range.
At close, the PKR depreciated by 0.16 percent to close at 287.43 after losing 54 paisas against the dollar today.
The informal exchange rate initially docked at 297-301.
Today’s cash rate per dollar in Hundi clocked in at the 299-303 band while many channels (undocumented) reported rates as high as 305.
Today’s losses come after local police on Saturday arrested Pakistan’s former prime minister Imran Khan in the eastern city of Lahore after a court sentenced him to three years in prison.
Traders on Sunday expected markets to fall today as sentiments over the possible spillover due to the former premier’s arrest steered trends today.
The benchmark KSE-100 Index closed today’s session at 48,386, down by 199.46 points or 0.41 percent compared to Friday.
The index traded in a range of 758.38 points, observing a high of 49,034.92 and a low of 48,276.54.
Overall, the rupee is down nearly Rs. 64 since January 2023. Since April 2022, it is down over Rs. 114 against the greenback. As per the exchange rate movements witnessed today, the PKR has lost 54 paisas against the dollar today.
The PKR was red against all of the other major currencies in the interbank market today. It lost 12 paisas against the Saudi Riyal (SAR), 12 paisas against the UAE Dirham (AED), and 19 paisas against the Canadian Dollar (CAD).
Moreover, it lost 79 paisas against the Australian Dollar (AUD), Rs. 1.88 against the Euro (EUR), and Rs. 1.63 against the British Pound (GBP) in today’s interbank currency market.
