Rupee Ends Week in Red Against US Dollar After Drop in SBP Reserves

The Pakistani rupee (PKR) closed in red against the US Dollar (USD) today after opening trade at 279 in the interbank market. It was stable all day but closed in red against the greenback. Meanwhile, it posted losses against most of the other major currencies during today’s session. The interbank rate stayed at 278-279/$ most of the day before closing at the 278 level. Open market rates across multiple currency counters remained at the 278-281 level today. The PKR depreciated by 0.04 percent and closed at 278.46 after losing 10 paisas against the US Dollar today. On a fiscal year-to-date basis, the rupee has so far depreciated by 0.09 percent. In a key development, foreign exchange reserves held by the State Bank of Pakistan (SBP) fell by over $200 million on a weekly basis according to data issued by the central bank on Thursday. The foreign currency reserves held by the SBP were recorded at $11.854 billion, down $228 million compared to $12.082 billion on December 13. The PKR was red against most of the other major currencies in the interbank market today. It lost three paisas against the Saudi Riyal (SAR) and two paisas against the UAE Dirham (AED). Meanwhile, it gained 20 paisas against the Canadian Dollar (CAD). It lost 75 paisas against the Euro (EUR) and 16 paisas against the British Pound (GBP). The rupee gained 31 paisas against the Australian Dollar (AUD) in today’s interbank currency market.