Rupee Plunges Against All Major Currencies Despite IMF News

The Pakistani rupee (PKR) lost further ground third day in a row 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. It posted losses against all 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 278-279 today. The PKR depreciated by 0.03 percent and closed at 278.4973 after losing nine paisas against the dollar today. On a fiscal year-to-date basis, the rupee has so far appreciated by 0.05 percent. Overall, the rupee is down nearly Rs. 51.14 since January 2023. Since April 2022, it is down Rs. 95.14 against the greenback. As per the exchange rate movements seen during the session, the PKR lost nine paisas today. Today’s losses come despite news that the federal government is quite optimistic to secure a new bailout program from the International Monetary Fund this month. Many credit rating agencies and financial institutions have noted in brief reviews since April that Pakistan will strike an agreement with the Washington-based lender for a new four-year program by the end of July. The PKR was red against all of the other major currencies in the interbank market today. It lost 75 paisas against the Canadian Dollar (CAD), Rs. 1.15 against the Australian Dollar (AUD), Rs. 1.24 against the Euro (EUR), and Rs. 1.83 against the British Pound (GBP). Meanwhile, it lost two paisas against the Saudi Riyal (SAR) and two paisas against the UAE Dirham (AED) in today’s interbank currency market.