Rupee Begins Budget Week With Losses Against US Dollar

The Pakistani rupee (PKR) started the week 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. However, it posted massive gains against most 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 today. The PKR depreciated by 0.06 percent and closed at 278.37 after losing 17 paisas against the dollar today. On a fiscal year-to-date basis, the rupee has so far appreciated by 2.74 percent. Overall, the rupee is down nearly Rs. 50.89 since January 2023. Since April 2022, it is down Rs. 94.89 against the greenback. As per the exchange rate movements seen during the session, the PKR lost 17 paisas today. The PKR was green against most of the other major currencies in the interbank market today. It gained Rs. 1.33 against the Canadian Dollar (CAD), Rs. 1.99 against the British Pound (GBP), Rs. 2.05 against the Australian Dollar (AUD), and Rs. 3.43 against the Euro (EUR). Meanwhile, it lost four paisas against the UAE Dirham (AED) and five paisas against the Saudi Riyal (SAR) in today’s interbank currency market.