The Pakistani rupee drowned 4th day in a row against the US Dollar after opening trade at 279 in the interbank market.
It was bearish against the greenback and other major currencies today.
The interbank rate stayed at 279 most of the day before closing at the 278 level. Open market rates across multiple currency counters were in the 278-279 level today.
The PKR depreciated by 0.03 percent to close at 278.48 after losing nine paisas against the dollar today.
On a fiscal year-to-date basis, the rupee has so far appreciated by 2.65 percent.
Overall, the rupee is down nearly Rs. 51.40 since January 2023. Since April 2022, it is down Rs. 95.40 against the greenback. As per the exchange rate movements seen today, the PKR lost nine paisas today.
Today’s losses come despite news that Pakistan and Iran have agreed to finalize the Free Trade Agreement (FTA), a joint statement said on Wednesday.
The statement said that the two countries also agreed to facilitate a regular exchange of economic and technical experts, as well as delegations from Chambers of Commerce from both countries to intensify economic cooperation. The declaration of ‘Reemdan border point’ as an international border crossing point under TIR and opening of the remaining two border sustenance markets was also approved.
The PKR was red against all of the other major currencies in the interbank market today. It lost two paisas against the UAE Dirham (AED), two paisas against the Saudi Riyal (SAR), five paisas against the Canadian Dollar (CAD), 56 paisas against the Australian Dollar (AUD), and Rs. 1.1 against the Euro (EUR).
It lost Rs. 2.4 against the British Pound (GBP) in today’s interbank currency market.
