Rupee Falls 3rd Day in a Row Against US Dollar As Uncertainty Worsens

The Pakistani rupee (PKR) lost further ground against the US Dollar today after opening trade at 278 in the interbank market. It was bearish all day and closed in red against the greenback third day in a row. Meanwhile, it posted losses against most of the other major currencies during today’s session. The interbank rate stayed at 278/$ most of the day before closing at the same level. Open market rates across multiple currency counters were strictly at 278-279 today. The PKR depreciated by 0.03 percent and closed at 278.74 after losing eight paisas against the dollar today. On a fiscal year-to-date basis, the rupee has so far depreciated by 0.14 percent. Overall, the rupee is down nearly Rs. 51.83 since January 2023. Since April 2022, it is down Rs. 95.83 against the greenback. As per the exchange rate movements seen during the session, the PKR lost eight paisas today. A trader said political and economic uncertainty regained momentum once again which markets are struggling with. Clarity is crucial for more recoveries in the weeks to come, he added. The PKR was red against some of the other major currencies in the interbank market today. It lost two paisas against the UAE Dirham (AED), two paisas against the Saudi Riyal (SAR), and 19 paisas against the Canadian Dollar (CAD). Meanwhile, it gained 14 paisas against the Euro (EUR), 39 paisas against the British Pound (GBP), and Rs. 1.4 against the Australian Dollar (AUD) in today’s interbank currency market.