Rupee Loses More Value Against US Dollar, Crashes Against British Pound

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 2nd 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 the 278 level today. The PKR depreciated by 0.05 percent to close at 278.67 after losing 14 paisas against the US Dollar today. On a fiscal year-to-date basis, the rupee has so far depreciated by 0.03 percent. Overall, the rupee is down nearly Rs. 51.76 since January 2023. Since April 2022, it is down Rs. 95.76 against the greenback. As per the exchange rate movements seen during the session, the PKR lost over 14 paisas today. The PKR was red against all of the other major currencies in the interbank market today. It lost 74 paisas against the Canadian Dollar (CAD), 50 paisas against the Australian Dollar (AUD),  Rs. 1.04 against the Euro (EUR), and Rs. 2.5 against the British Pound (GBP). Meanwhile, it lost four paisas against the Saudi Riyal (SAR) and four paisas against the UAE Dirham (AED) in today’s interbank currency market.