Open Market Chaos: Rupee Nears 390 Against British Pound, 287 Against US Dollar

The Pakistani rupee (PKR) closed in red against the US Dollar (USD) on Monday and the British Pound (GBP). On a day-on-day (DoD) basis, the interbank rate stayed at 282-283/$ most of the day before closing at the 283 level. Open market rates across multiple currency counters remained at the 285-287 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 hovered near 390 against the British Pound (GBP) most of the day. At market close, it ended movement at 388-389. The PKR depreciated by 0.07 percent DoD after losing 20 paisas and closed at 283.17 against the US Dollar today. On a fiscal year-to-date basis (FYTD), the PKR has lost 1.63 percent against the US Dollar. The PKR was red against all of the other major currencies in the interbank market today. It lost six paisas against the UAE Dirham (AED) and eight paisas against the Saudi Riyal (SAR). Meanwhile, it lost 85 paisas against the Canadian Dollar (CAD). The rupee lost 74 paisas against the Australian Dollar (AUD) in today’s interbank currency market. It lost Rs. 1.45 against the Euro (EUR) and 91 paisas against the British Pound (GBP).