Rupee Weakens Further 17th Day in a Row Against US Dollar

The Pakistani rupee fell 17th day in a row against the US Dollar today after opening trade at 287 in the interbank market.

At 11:30 PM, it was bullish, ascending to the 283 level against the greenback after gaining ~Rs. 4 during early-day trade.

Later, the interbank rate dropped to 287 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 286-289 range today.

At close, the PKR depreciated by 0.09 percent to close at 288.14 after losing 27 paisas against the dollar today.

The rupee closed in the red for the 17th consecutive day today.

In November so far, the PKR has lost 2.31 percent of its value against the US Dollar, while it is down roughly 21.5 percent on a calendar year-to-date basis.

Pertinently, the rupee is down nearly Rs. 72 since January 2023. Since April 2022, it is down over Rs. 119 against the greenback. As per exchange rate movements witnessed today, the PKR has lost over 25 paisas against the dollar.

Today’s losses come as the International Monetary Fund and Pakistan expedite deliberations for releasing the second $710 million tranche as early as December.

The IMF Managing Director Kristalina Georgieva says Pakistan is close to clinching a deal this week.

She said in an interview with Bloomberg TV that Pakistan’s authorities are sticking to the program in a very difficult time and a deal is close. ” I accept an agreement of the review to come within this week. Any day now,” she said.

“Pakistani authorities and the Caretaker Finance Minister deserve credit for sticking to the program that they have in a very difficult time,” she added.

The PKR was red against all of the other major currencies in the interbank market today. It lost seven paisas against the Saudi Riyal (SAR), seven paisas against the UAE Dirham (AED), and Rs. 4.94 against the Euro (EUR).

Moreover, it lost Rs. 2.13 against the Canadian Dollar (CAD), Rs. 4.09 against the Australian Dollar (AUD), and Rs. 5.21 against the British Pound (GBP) in today’s interbank currency market.

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