Rupee Depreciates 2nd Day in a Row Despite Ahead of Budget

The Pakistani rupee (PKR) lost further ground 2nd day in a row against the US Dollar today after opening trade at 278 in the interbank market.

It was bearish all day and closed in red against the greenback. It 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 0.05 percent and closed at 278.5 after losing 13 paisas against the dollar today.

On a fiscal year-to-date basis, the rupee has so far appreciated by 2.69 percent.

Overall, the rupee is down nearly Rs. 51.02 since January 2023. Since April 2022, it is down Rs. 95.02 against the greenback. As per the exchange rate movements seen during the session, the PKR lost 13 paisas today.

The PKR was red against most of the other major currencies in the interbank market today. It lost 22 paisas against the Euro (EUR), 26 paisas against the Canadian Dollar (CAD), 30 paisas against the British Pound (GBP), and 43 paisas against the Australian Dollar (AUD).

Meanwhile, it lost three paisas against the UAE Dirham (AED) and three paisas against the Saudi Riyal (SAR) in today’s interbank currency market.

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