The Pakistani rupee lost further ground against the US Dollar after opening trade at 280 in the interbank market.
It was bearish against the greenback today just 24 hours after Muhammad Shehbaz Sharif was sworn in as Prime Minister of Pakistan in a small gathering.
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 279-280 range today.
The PKR depreciated by 0.02 percent to close at 279.31 after losing five paisas against the dollar today.
On a fiscal year-to-date basis, the rupee has so far appreciated by 2.37 percent.
Overall, the rupee is down nearly Rs. 52.95 since January 2023. Since April 2022, it is down Rs. 97.15 against the greenback. As per the exchange rate movements seen today, the PKR lost five paisas today.
The PKR was red against some of the other major currencies in the interbank market today. It lost one paisa against the UAE Dirham (AED), one paisa against the Saudi Riyal (SAR), and 10 paisas against the British Pound (GBP).
Meanwhile, it gained one paisa against the Euro (EUR), 58 paisas against the Canadian Dollar (CAD), and Rs. 1.07 against the Australian Dollar (AUD), in today’s interbank currency market.