Rupee Declines Against US Dollar to End the Week in Red

The Pakistani rupee depreciated against the US Dollar after opening trade at 281 in the interbank market.

It was bearish against the greenback today.

The interbank rate stayed at 280 most of the day before closing at the 279 level. Open market rates across multiple currency counters were in the 279-281 range today.

The PKR depreciated by 0.03 percent to close at 279.19 after losing eight paisas against the dollar today.

On a fiscal year-to-date basis, the rupee has so far appreciated by 2.42 percent.

Overall, the rupee is down nearly Rs. 52.83 since January 2023. Since April 2022, it is down Rs. 96.4 against the greenback. As per the exchange rate movements seen today, the PKR lost eight paisas today.

Senator Irfan Siddiqui, known for his close association with former Prime Minister Nawaz Sharif, claimed that Senator Ishaq Dar will again rejoin the federal cabinet as Federal Minister Finance and Revenue.

Dar is set to retire from the Senate in March 2024 but will be re-elected soon after. He bet big on Dar’s return and tipped him to assume a prominent position in the federal cabinet, with a high likelihood of him being appointed as the finance minister.

Meanwhile, SBP reserves fell below $8 billion on February 23. In a short statement, the central bank said the decrease in reserves was due to debt repayments.

The PKR was green against most of the other major currencies in the interbank market today. It gained nine paisas against the Canadian Dollar (CAD), 31 paisas against the Australian Dollar (AUD), 35 paisas against the Euro (EUR), and 37 paisas against the British Pound (GBP).

It lost two paisas against the UAE Dirham (AED) and two paisas against the Saudi Riyal (SAR) in today’s interbank currency market.

Published by
ProPK Staff