A macro image of a twenty rupee bank note from Pakistan close up with an American one hundred dollar bill
The Pakistani rupee lost further ground against the US Dollar today after opening trade at 278 in the interbank market.
At 11:30 PM, it was bearish, treading the 279-280 level against the greenback after losing ~Rs. 2.
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 278-280 range today.
At close, the PKR depreciated by 0.16 percent to close at 279.88 after losing 45 paisas against the dollar today.
The rupee closed in the red for the third consecutive day today. Traders said the forex market is adjusting to trends in expectations of some good news when the International Monetary Fund visits Pakistan next week for the economic review of the $3 billion stand-by arrangement (SBA).
The gap between interbank and open market rates is down by Rs. 61 since 4 September. The rates have gone down to as low as 278 and have since continued brief spikes to 280 today.
Pertinently, the rupee is down nearly Rs. 63 since January 2023. Since April 2022, it is down over Rs. 110 against the greenback. As per exchange rate movements witnessed today, the PKR has lost 45 paisas against the dollar.
The PKR was red against some of the other major currencies in the interbank market today. It lost nine paisas against the Australian Dollar (AUD), 12 paisas against the Saudi Riyal (SAR), and 12 paisas against the UAE Dirham (AED).
Conversely, it gained 55 paisas against the Canadian Dollar (CAD), 87 paisas against the Euro (EUR), and Rs. 2.53 against the British Pound (GBP) in today’s interbank currency market.