Rupee Miserably Loses More Value Against US Dollar 9th Day in a Row

The Pakistani rupee (PKR) closed in red 9th day in a row against the US Dollar (USD) but recovered further against the British Pound (GBP) on Monday. On a day-on-day (DoD) basis, the interbank rate stayed at 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. PKR was bearish all day and closed in red against the greenback. Meanwhile, it posted losses against some of the other major currencies during today’s session. The PKR depreciated by 0.06 percent DoD after losing 16 paisas and closed at 283.86 against the US Dollar today. On a fiscal year-to-date basis (FYTD), the PKR has lost 1.87 percent against the US Dollar. The PKR was red against some of the other major currencies in the interbank market today. It lost four paisas against the UAE Dirham (AED) and six paisas against the Saudi Riyal (SAR). Meanwhile, it gained 85 paisas against the Canadian Dollar (CAD). The rupee gained Rs. 1.8 against the Australian Dollar (AUD) in today’s interbank currency market. It gained 27 paisas against the Euro (EUR) and 85 paisas against the British Pound (GBP).