Pak Rupee Begins Big Week With Losses Against US Dollar

The Pakistani rupee reversed Friday’s gains against the US Dollar after opening trade at 278 in the interbank market.

It was largely stable against the greenback and other major currencies today.

The interbank rate stayed at 278.75 most of the day before closing at the same level. Open market rates across multiple currency counters were strictly in the 278 level today.

The PKR depreciated by 0.01 percent to close at 278.33 after losing two paisas against the dollar today.

On a fiscal year-to-date basis, the rupee has so far appreciated by 2.7 percent.

Overall, the rupee is down nearly Rs. 51.43 since January 2023. Since April 2022, it is down Rs. 95.43 against the greenback. As per the exchange rate movements seen today, the PKR lost three paisas today.

The PKR was red against most of the other major currencies in the interbank market today. It lost one paisa against the UAE Dirham (AED), two paisas against the Saudi Riyal (SAR), 19 paisas against the Euro (EUR), 32 paisas against the Canadian Dollar (CAD), and 40 paisas against the Australian Dollar (AUD).

It gained Rs. 2.01 against the British Pound (GBP) in today’s interbank currency market.

  • Rupee has lost steam. It depends how the IMF give response to Pakistan request for fresh financing and how Pakistan/ Iran and American relationship shape.

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