Rupee Drops to 288 Against US Dollar in Open Market, British Pound Hits Rs. 387

The Pakistani rupee (PKR) closed in red against the US Dollar (USD) but reported a sharp recovery against the British Pound (GBP) on Thursday. On a day-on-day (DoD) basis, the interbank rate stayed at 283-284/$ most of the day before closing at the 283 level. Open market rates across multiple currency counters remained at the 284-287 level today. PKR briefly touched 288 against USD before sliding back into the 284-287 level during mid-session. GBP stayed at 384-387 against the PKR in the open market. PKR was bearish all day and closed in red against the greenback. Meanwhile, it posted gains against most of the other major currencies during today’s session. The PKR hovered near 387 against the British Pound (GBP) most of the day. At market close, it ended movement at 384-386 in the open market. The PKR depreciated by 0.03 percent DoD after losing eight paisas and closed at 283.64 against the US Dollar today. On a fiscal year-to-date basis (FYTD), the PKR has lost 1.79 percent against the US Dollar. The PKR was green against most of the other major currencies in the interbank market today. It lost two paisas against the UAE Dirham (AED) and two paisas against the Saudi Riyal (SAR). Meanwhile, it gained 82 paisas against the Canadian Dollar (CAD). The rupee gained 76 paisas against the Australian Dollar (AUD) in today’s interbank currency market. It gained Rs. 1.23 against the Euro (EUR) and Rs. 1.31 against the British Pound (GBP).