Rupee Suddenly Halts Losing Streak Against US Dollar

The Pakistani rupee (PKR) reversed losses against the US Dollar today after opening trade at 278 in the interbank market. 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 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 the 278-279 level today. The PKR appreciated by 0.02 percent and closed at 278.68 after gaining five paisas against the dollar today. On a fiscal year-to-date basis, the rupee has so far depreciated by 0.12 percent. Overall, the rupee is down nearly Rs. 51.77 since January 2023. Since April 2022, it is down Rs. 95.77 against the greenback. As per the exchange rate movements seen during the session, the PKR gained almost five paisas today. The PKR was red against most of the other major currencies in the interbank market today. It was stable against the Saudi Riyal (SAR), gained one paisa against the UAE Dirham (AED), and three paisas against the Australian Dollar (AUD). Meanwhile, it lost 14 paisas against the British Pound (GBP), 43 paisas against the Euro (EUR), and 40 paisas against the Canadian Dollar (CAD) in today’s interbank currency market.