Rupee Falls 3rd Day in a Row Against US Dollar After 7th SBP Rate Cut

The Pakistani rupee (PKR) closed in red 3rd day in a row against the US Dollar (USD) today after opening trade at 279 in the interbank market. On a day-on-day (DoD) basis, the interbank rate stayed at 278-280/$ most of the day before closing at the 278 level. Open market rates across multiple currency counters remained at the 279-281 level today. It 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 DoD after losing nine paisas and closed at 278.92 against the US Dollar today. On a fiscal year-to-date basis, the rupee has so far depreciated by 0.22 percent. 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 three paisas against the Saudi Riyal (SAR). Meanwhile, it lost two paisas against the Canadian Dollar (CAD). It gained 68 paisas against the Euro (EUR) and lost 22 paisas against the British Pound (GBP). The rupee gained 76 paisas against the Australian Dollar (AUD) in today’s interbank currency market.