Rupee Continues Freefall Against US Dollar, Other Currencies

The Pakistani rupee (PKR) closed in red second day in a row against the US Dollar (USD) today after opening trade at 281 in the interbank market. On a day-on-day (DoD) basis, the interbank rate stayed at 280-281/$ most of the day before closing at the 280 level. Open market rates across multiple currency counters remained at the 281-282 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 280.72 against the US Dollar today. On a fiscal year to date basis (FYTD), the PKR has lost 0.84 percent against the US Dollar. 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 51 paisas against the Canadian Dollar (CAD). It gained Rs. 2.38 against the Euro (EUR) and Rs. 4.31 against the British Pound (GBP). The rupee lost 85 paisas against the Australian Dollar (AUD) in today’s interbank currency market.