Pakistani Rupee Collapses to Rs. 396 Against British Pound in Open Market

The Pakistani rupee (PKR) rose third day in a row against the US Dollar (USD) but posted big losses against the British Pound (GBP) on Thursday. On a day-on-day (DoD) basis, the interbank rate stayed at 284/$ most of the day before closing at the 283 level. Open market rates across multiple currency counters remained at the 284-287 level today. GBP stayed at 390-396 against the PKR in the open market. According to the Exchange Companies Association of Pakistan (ECAP), the selling rate stood at 390 while several exchange shops across main cities were selling GBP at rates as high as Rs. 396. PKR was stable all day and closed in green against the greenback. Meanwhile, it posted losses against most of the other major currencies during today’s session. The PKR appreciated by 0.02 percent DoD after gaining five paisas and closed at 283.66 against the US Dollar today. On a fiscal year-to-date basis (FYTD), the PKR has lost 1.79 percent against the US Dollar. The PKR was red against most of the other major currencies in the interbank market today. It gained one paisa against the UAE Dirham (AED) and one paisa against the Saudi Riyal (SAR). Meanwhile, it lost 52 paisas against the Canadian Dollar (CAD). The rupee lost Rs. 1.27 against the Australian Dollar (AUD) in today’s interbank currency market. It lost Rs. 3.68 against the Euro (EUR) and Rs. 3.67 against the British Pound (GBP).