Rupee Ends in Red Against US Dollar for Fourth Time This Week

The Pakistani rupee (PKR) ended the week in red against the US dollar (USD) on Friday, making it the fourth session this week where the PKR depreciated against the USD.  At close of the day, the PKR settled at 278.42 against the greenback, down Rs. 0.07 or 0.02 percent from its previous close of 278.35.  The PKR opened the week with two consecutive losses against the USD with a slight reprieve on Wednesday. However, the PKR depreciated again on Thursday making today’s loss the fourth this week.  Some other developments during the week saw the Pakistan’s Real Effective Exchange Rate (REER) clocking in at 102.92 in November 2024, the highest since April 2024.   Moreover, the current account also brought positive news as it posted a 10-year high surplus of $729 million in November 2024.  The Pakistani rupee stood at 289.0552 against the Euro (EUR) in the inter-bank market today.     The rupee stood at 348.0941 against the British Pound (GBP), 173.8730 against the Australia dollar (AUD) and 193.5485 against the Canadian dollar (CAD).     Further, the rupee closed at 75.8017 against the UAE Dirham (AED) and 74.0714 against the Saudi Riyal (SAR) in the inter-bank market.