Rupee Crashes to 393 Against British Pound in Open Market

The Pakistani rupee (PKR) reversed its 9-day losing streak against the US Dollar (USD) but reported huge losses against the British Pound (GBP) on Tuesday. On a day-on-day (DoD) basis, the interbank rate stayed at 284/$ most of the day before closing at the 283 level. Open market rates across multiple currency counters remained at the 284-287 level today. GBP stayed at 385-393 against the PKR in the open market. PKR was bearish 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 0.04 percent DoD after gaining 10 paisas and closed at 283.76 against the US Dollar today. On a fiscal year-to-date basis (FYTD), the PKR has lost 1.83 percent against the US Dollar. The PKR was red against most of the other major currencies in the interbank market today. It gained two paisas against the UAE Dirham (AED) and two paisas against the Saudi Riyal (SAR). Meanwhile, it lost 56 paisas against the Canadian Dollar (CAD). The rupee lost Rs. 2.17 against the Australian Dollar (AUD) in today’s interbank currency market. It lost Rs. 2.55 against the Euro (EUR) and Rs. 3.97 against the British Pound (GBP).