Rupee Stages Comeback Against US Dollar After Two-Day Losing Streak 

After losing ground against the US dollar (USD) in the first two days of the current week, the Pakistani rupee (PKR) staged a comeback on Wednesday.  At close of the day, the PKR settled at 278.23 against the greenback, up Rs. 0.04 or 0.02 percent from its previous close of 278.27. Internationally, the USD traded at multi-month, and even multi-year, highs against a number of currencies, including the Australian, New Zealand and Canadian dollars, ahead of the US Federal Reserve’s decision on interest rates. The USD has gained 1.13 percent against a basket of six other currencies during December so far.  It is pertinent to mention here that Pakistan’s Real Effective Exchange Rate (REER) for November 2024 clocked in at 102.92, the highest since April 2024.  The Pakistani rupee stood at 291.8580 against the Euro (EUR) in the inter-bank market today.   The rupee stood at 352.8867 against the British Pound (GBP), 175.6295 against the Australia dollar (AUD) and 194.2505 against the Canadian dollar (CAD).   Further, the rupee closed at 75.7487 against the UAE Dirham (AED) and 74.0492 against the Saudi Riyal (SAR) in the inter-bank market.