Rupee Falls Near 281 Against US Dollar After Hurtful Fitch Prediction

The Pakistani rupee (PKR) closed in red against the US Dollar (USD) today after opening trade at 281 in the interbank market. On a day-on-day (DoD) basis, the interbank rate stayed at 280-281/$ most of the day before closing at the 280 level. Open market rates across multiple currency counters remained at the 282 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 0.07 percent DoD after losing 20 paisas and closed at 280.96 against the US Dollar today. On a fiscal year-to-date basis (FYTD), the PKR has lost 0.94 percent against the US Dollar. Today’s losses come after credit rating agency Fitch Ratings predicted the PKR to fall to 285 against the US dollar by the end of June and slide further to 295 by the end of the next fiscal year in 2026. The PKR was red against most of the other major currencies in the interbank market today. It lost five paisas against the UAE Dirham (AED) and six paisas against the Saudi Riyal (SAR). Meanwhile, it lost three paisas against the Canadian Dollar (CAD). The rupee was stable against the Australian Dollar (AUD) in today’s interbank currency market. It gained Rs. 2.87 against the Euro (EUR) and Rs. 1.64 against the British Pound (GBP).