Rupee Continues to Decline Against US Dollar Building on Last Week’s Losses

The Pakistani rupee (PKR) closed in red against the US Dollar (USD) today after opening trade at 280 in the interbank market. On a day-on-day (DoD) basis, the interbank rate stayed at 279-281/$ most of the day before closing at the 279 level. Open market rates across multiple currency counters remained at the 279-282 level today. It was bearish all day and closed in red against the greenback. Meanwhile, it posted losses against some of the other major currencies during today’s session. The PKR depreciated by 0.06 percent DoD after losing 17 paisas and closed at 279.21 against the US Dollar today. On a fiscal year-to-date basis, the rupee has so far depreciated by 0.33 percent. The PKR was red against some of the other major currencies in the interbank market today. It lost four paisas against the UAE Dirham (AED) and five paisas against the Saudi Riyal (SAR). Meanwhile, it gained 21 paisas against the Canadian Dollar (CAD). It gained Rs. 1.87 against the Euro (EUR) and 74 paisas against the British Pound (GBP). The rupee gained 26 paisas against the Australian Dollar (AUD) in today’s interbank currency market.