Rupee Nears 280 Against US Dollar After 2nd Consecutive Decline

The Pakistani rupee (PKR) closed in red against the US Dollar (USD) 2nd day in a row today after opening trade at 280 in the interbank market. On a day-on-day (DoD) basis, the interbank rate stayed at 279-281/$ most of the day before closing at the 279 level. Open market rates across multiple currency counters remained at the 279-282 level today. It 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 0.04 percent after losing 10 paisas to close at 279.36 against the US Dollar today. On a fiscal year-to-date basis, the rupee has so far depreciated by 0.37 percent. The PKR was red against some of the other major currencies in the interbank market today. It lost two against the UAE Dirham (AED) and three paisas against the Saudi Riyal (SAR). Meanwhile, it gained one paisa against the Canadian Dollar (CAD). It gained 37 paisas against the Euro (EUR) but lost 71 paisas against the British Pound (GBP). The rupee gained 10 paisas against the Australian Dollar (AUD) in today’s interbank currency market.