Rupee Devalues Against US Dollar, Other Top Currencies Yet Again

The Pakistani rupee (PKR) started the new 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. It also posted massive losses against 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 0.03 percent to close at 278.29 after losing eight paisas against the dollar today. On a fiscal year-to-date basis, the rupee has so far appreciated by 2.86 percent. Overall, the rupee is down nearly Rs. 51.09 since January 2023. Since April 2022, it is down Rs. 95.09 against the greenback. As per the exchange rate movements seen during the session, the PKR lost nearly nine paisas today. The PKR was all red against the other major currencies in the interbank market today. It lost two paisas against the Saudi Riyal (SAR), two paisas against the UAE Dirham (AED), and 40 paisas against the Canadian Dollar (CAD). Meanwhile, it lost 75 paisas against the Euro (EUR), Rs. 1.12 against the Australian Dollar (AUD), and Rs. 1.34 against the British Pound (GBP) in today’s interbank currency market.