The Pakistani rupee was bearish against the US Dollar and posted losses today after opening trade at 280 in the interbank market.
At 11:30 PM, it was bearish, treading the 280-281 level against the greenback after losing ~Rs. 1.5.
Later, the interbank rate eased to the 279 level between 1:30 PM and 2:30 PM before anchoring trends for the remainder of the day. Open market rates across multiple currency counters stood in the 277-280 range today.
At close, the PKR depreciated by 0.11 percent to close at 279.12 after losing 32 paisas against the dollar today.
The rupee opened the week in the negative today. Traders said the forex market struggled to carry last week’s momentum amid political developments taking shape in the country.
The gap between interbank and open market rates is down by Rs. 60 since 4 September. The rates have gone down to as low as 277 and have since continued brief spikes to 281 today.
Pertinently, the rupee is down nearly Rs. 62 since January 2023. Since April 2022, it is down over Rs. 109 against the greenback. As per exchange rate movements witnessed today, the PKR has lost 32 paisas against the dollar.
The PKR was red against most of the other major currencies in the interbank market today. It lost eight paisas against the Saudi Riyal (SAR), nine paisas against the UAE Dirham (AED), 20 paisas against the Australian Dollar (AUD), 81 paisas against the Euro (EUR), and Rs. 1.92 against the British Pound (GBP).
Conversely, it gained 32 paisas against the Canadian Dollar (CAD) in today’s interbank currency market.
