Rupee Abruptly Falls Against US Dollar, Other Major Currencies

The Pakistani rupee (PKR) began the final week of June with losses 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 all 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 278-279 today. The PKR depreciated by 0.04 percent and closed at 278.62 after losing 11 paisas against the dollar today. On a fiscal year-to-date basis, the rupee has so far appreciated by 2.65 percent. Overall, the rupee is down nearly Rs. 51.03 since January 2023. Since April 2022, it is down Rs. 95.03 against the greenback. As per the exchange rate movements seen during the session, the PKR lost 11 paisas today. 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), three paisas against the Saudi Riyal (SAR), 11 paisas against the Australian Dollar (AUD), 31 paisas against the British Pound (GBP), and 88 paisas against the Euro (EUR). Meanwhile, it lost 23 paisas against the Canadian Dollar (CAD) in today’s interbank currency market.