British Pound Spikes to Rs. 377 After Moody’s Decision to Downgrade US Rating

The Pakistani rupee (PKR) closed in red against the US Dollar (USD), British Pound, and most of the other top currencies on Tuesday. 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 level today. It was bearish all day and closed in red against the greenback. Meanwhile, it posted losses against most of the other major currencies during today’s session. The PKR depreciated by 0.05 percent DoD after losing 15 paisas and closed at 281.91 against the US Dollar today. On a fiscal year-to-date basis (FYTD), the PKR has lost 1.29 percent against the US Dollar. The British Pound rose higher after the US Dollar (USD) came under bearish pressure as markets reacted to Moody’s decision to downgrade the United States’ sovereign credit rating. The PKR failed to take advantage. The PKR was red against most of the other major currencies in the interbank market today. It lost four paisas against the UAE Dirham (AED) and four paisas against the Saudi Riyal (SAR). Meanwhile, it lost 34 paisas against the Canadian Dollar (CAD). The rupee gained eight paisas against the Australian Dollar (AUD) in today’s interbank currency market. It lost Rs. 1 against the Euro (EUR) and 73 paisas against the British Pound (GBP).