Rupee Continues to Destory US Dollar 9th Day in a Row, Struggles Against Others

The Pakistani rupee (PKR) closed in green 9th day in a row against the US Dollar (USD) but losses against the British Pound (GBP) on Monday. On a day-on-day (DoD) basis, the interbank rate recovered to 282/$ and stayed there most of the day before closing at the same level. Open market rates across multiple currency counters remained at the 283-285 level today. A few sellers quoted Rs. 285/$ in the federal capital today. GBP dropped to 377-382 against the PKR in the open market. According to the Exchange Companies Association of Pakistan (ECAP), the buying rate stood at 380, while several exchange shops across main cities were selling GBP at rates as high as Rs. 382. 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 0.07 percent and gained six paisas to close at 282.65 against the US Dollar today. On a fiscal year-to-date basis (FYTD), the PKR has lost 1.30 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 Rs. 1.29 against the Canadian Dollar (CAD). The rupee lost Rs. 1.17 against the Australian Dollar (AUD) in today’s interbank currency market. It lost Rs. 4.05 against the Euro (EUR) and Rs. 2.53 against the British Pound (GBP).