Rupee Suddenly Posts A Big Drop Against the US Dollar

Pakistani Rupee has posted downward movement against the US Dollar for the first time this week. The rupee closed at Rs. 153.29 to the USD today (April 1) from Rs. 152.75 to the USD in the interbank market yesterday (March 31), with a depreciation of 53 paisas. The depreciation of the rupee against the US dollar was expected following a long upward rally. ALSO READ Pakistani Rupee Makes Another Big Jump Against the US Dollar The Rupee is currently hovering around a 22-month high against the USD, the level last seen in June 2019. PKR had also been posting gains against other major currencies this week. Today, that movement also turned around, with PKR losing against all major currencies. PKR lost 48 paisas against the Euro, 84 paisas against the Pound Sterling (GBP), 45 paisas against the Australian Dollar (AUD), and 55 paisas against the Canadian Dollar (CAD). ALSO READ Rupee Posts One of Its Biggest Gains Against the US Dollar in 2021 The PKR had also been improving gradually against both the UAE Dirham (AED) and the Saudi Riyal (SAR) in the interbank market but reversed there today too. PKR lost 14 paisas against both currencies today.