The Pakistani rupee (PKR) closed in red against the US Dollar (USD), British Pound, and most of the other top currencies on Monday.
On a day-on-day (DoD) basis, the interbank rate stayed at 282-283/$ most of the day before closing at the 281 level. Open market rates across multiple currency counters remained at the 283-284 level today.
It was bearish all day and closed in red against the greenback. Meanwhile, it posted losses against all of the other major currencies during today’s session.
The PKR depreciated by 0.03 percent DoD after losing eight paisas and closed at 282.05 against the US Dollar today.
The rupee declined by 0.66 percent and closed at 382.7 against the British Pound (GBP) today.
On a fiscal year-to-date basis (FYTD), the PKR has lost 1.33 percent against the US Dollar.
Other currencies
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) and two paisas against the Saudi Riyal (SAR).
Meanwhile, it lost Rs. 1.76 against the Canadian Dollar (CAD).
The rupee gained Rs. 1.73 against the Australian Dollar (AUD) in today’s interbank currency market.
It lost Rs. 1.60 against the Euro (EUR) and Rs. 2.52 against the British Pound (GBP).
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Funny isn’t it ?
Despite interest rates going down
Despite inflation going down
Despite IMF and World Bank loans
We are still going down the drain. What was the point of autangzeb policies ?
What was the point of everything done so far ?
Suddenly everyone forgot how weak currency is a danger ?
The same people that made dollar move from 80 to 100 have now moved it from 250 to 280 to now 282 .
And we are told that we can develop . What a joke
While weak currency is a blessing for export driven nations .We have trade deficit with everyone. Even UK, UAE, Arab nations, even USA has trade surplus with Pakistan.