Rupee Holds Its Own At 278 Against Dollar Despite Small Losses

The Pakistani rupee (PKR) opened the new week with losses against the US Dollar today after opening trade at 278 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/$ most of the day before closing at the same level. Open market rates across multiple currency counters were strictly at the 278 level today. The PKR depreciated by 0.03 percent and closed at 278.64 after losing nine paisas against the dollar today. On a fiscal year-to-date basis, the rupee has so far depreciated by 0.04 percent. Overall, the rupee is down nearly Rs. 51.73 since January 2023. Since April 2022, it is down Rs. 95.73 against the greenback. As per the exchange rate movements seen during the session, the PKR lost almost 10 paisas today. The PKR was red against most of the other major currencies in the interbank market today. It lost one paisa against the Saudi Riyal (SAR), two paisas against the UAE Dirham (AED), 10 paisas against the Euro (EUR), and 26 paisas against the Canadian Dollar (CAD). Meanwhile, it lost 25 paisas against the Australian Dollar (AUD) and 28 paisas against the British Pound (GBP) in today’s interbank currency market.