PKR Loses All Momentum, Slides Against US Dollar, British Pound, Euro

The Pakistani rupee (PKR) reversed its 2-day winning streak against the US Dollar today after opening trade at 278 in the interbank market.

It was slightly bearish all day and closed in red against the greenback. It also posted losses against most of the other major currencies during today’s session.

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

The PKR depreciated by 0.03 percent to close at 278.3 after losing nine paisas against the dollar today.

On a fiscal year-to-date basis, the rupee has so far appreciated by 2.86 percent.

Overall, the rupee is down nearly Rs. 51.1 since January 2023. Since April 2022, it is down Rs. 95.1 against the greenback. As per the exchange rate movements seen during the session, the PKR lost nine paisas today.

The PKR was red against most of the other major currencies in the interbank market today. It lost two paisas against the Saudi Riyal (SAR), two paisas against the UAE Dirham (AED), 68 paisas against the Euro (EUR), 95 paisas against the Canadian Dollar (CAD), and Rs. 1.04 against the British Pound (GBP).

Meanwhile, it gained Rs. 1.16 against the Australian Dollar (AUD) in today’s interbank currency market.

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