Rupee Resumes Downward Spiral Against US Dollar After Brief Respite

The Pakistani rupee (PKR) closed in red against the US Dollar (USD) today after opening trade at 280 in the interbank market. On a day-on-day (DoD) basis, the interbank rate stayed at 279-280/$ most of the day before closing at the 279 level. Open market rates across multiple currency counters remained at the 280-281 level today. It was bearish all day and closed in red against the greenback. Meanwhile, it posted gains against most of the other major currencies during today’s session. The PKR depreciated by 0.04 percent and lost 10 paisas to close at 279.72 against the US Dollar today. On a fiscal year-to-date basis, the rupee has so far depreciated by 0.49 percent. The PKR was green against most of the other major currencies in the interbank market today. It lost three paisas against the UAE Dirham (AED) and two paisas against the Saudi Riyal (SAR). Meanwhile, it gained 11 paisas against the Canadian Dollar (CAD). It gained 69 paisas against the Euro (EUR) but lost 54 paisas against the British Pound (GBP). The rupee gained 74 paisas against the Australian Dollar (AUD) in today’s interbank currency market.