Rupee Ends 10-Day Winning Streak Against US Dollar Due to Open Market Pressure

The Pakistani rupee (PKR) closed in red, ending its 10-day winning streak against the US Dollar (USD) and also posted losses against the British Pound (GBP) on Wednesday. On a day-on-day (DoD) basis, the interbank rate stayed at 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 rose to 377-383 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. 383. PKR was bearish all day and closed in red against the greenback. Meanwhile, it posted losses against most of the other major currencies during today’s session. The PKR depreciated by 0.03 percent and lost 10 paisas to close at 282.67 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 authorities have so far struggled to rein in the open market bears. The PKR was red against most of the other major currencies in the interbank market today. It lost two paisas against the UAE Dirham (AED) and one paisa against the Saudi Riyal (SAR). Meanwhile, it lost 26 paisas against the Canadian Dollar (CAD). The rupee lost 91 paisas against the Australian Dollar (AUD) in today’s interbank currency market. It lost 96 paisas against the Euro (EUR) and 62 paisas against the British Pound (GBP).