Rupee Hits 391 Against British Pound in Open Market

The Pakistani rupee (PKR) closed in red 8th day in a row against the US Dollar (USD) and declined further against the British Pound (GBP) on Friday. On a day-on-day (DoD) basis, the interbank rate stayed at 283-284/$ most of the day before closing at the 283 level. Open market rates across multiple currency counters remained at the 285-288 level today. PKR again briefly touched 288 against USD before sliding back into the 284-287 level during mid-session. GBP stayed at 384-387 against the PKR in the open market. In a brief spike, it hit Rs. 391 before easing back. PKR 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 0.02 percent DoD after losing six paisas and closed at 283.7 against the US Dollar today. On a fiscal year-to-date basis (FYTD), the PKR has lost 1.81 percent against the US Dollar. The PKR was red against most of the other major currencies in the interbank market today. It lost one paisa against the UAE Dirham (AED) but remained stable against the Saudi Riyal (SAR). Meanwhile, it lost 37 paisas against the Canadian Dollar (CAD). The rupee lost 48 paisas against the Australian Dollar (AUD) in today’s interbank currency market. It lost Rs. 1.43 against the Euro (EUR) and Rs. 1.89 against the British Pound (GBP).