Rupee On Course to Drop Below Rs. 400 Against British Pound By Next Month

The Pakistani rupee (PKR) closed in green against the US Dollar (USD), but red against British Pound, and most of the other top currencies on Friday. On a day-on-day (DoD) basis, the interbank rate stayed at 282-283/$ most of the day before closing at the 281 level. Open market rates across multiple currency counters remained at the 283 level today. It was stable all day and closed in green against the greenback. Meanwhile, it posted losses against most of the other major currencies during today’s session. The PKR appreciated by 0.03 percent DoD after gaining nine paisas and closed at 281.97 against the US Dollar today. If the PKR continues to fall at current rate against British Pound, it could see Rs. 400 by next month, a day trader said in a small text to ProPakistani. On a fiscal year-to-date basis (FYTD), the PKR has lost 1.30 percent against the US Dollar. The PKR was red against most of the other major currencies in the interbank market today. It gained two paisas against the UAE Dirham (AED) and two paisas against the Saudi Riyal (SAR). Meanwhile, it lost 48 paisas against the Canadian Dollar (CAD). The rupee gained one paisa against the Australian Dollar (AUD) in today’s interbank currency market. It lost 37 paisas against the Euro (EUR) and Rs. 1.35 against the British Pound (GBP).