Rupee’s Recovery Proves Short-lived as it Weakens Further Against US Dollar  

The Pakistani rupee (PKR) managed to break a two-day losing streak on Wednesday but the recovery proved short-lived as it depreciated against the US dollar (USD) once again on Thursday.  At close of the day, the PKR settled at 278.35 against the greenback, down Rs. 0.13 or 0.04 percent from its previous close of 278.23.  Globally, the Federal Reserve’s scaling back of its rate cut projections for 2025 battered most Asian currencies with the Korean won falling to its weakest level in 15 years, while the Indonesian rupiah also hit a four-month low.  It is pertinent to mention here that Pakistan’s Real Effective Exchange Rate (REER) for November 2024 clocked in at 102.92 as per the latest central bank data issued this week, the highest since April 2024.  The Pakistani rupee stood at 289.4701 against the Euro (EUR) in the inter-bank market today.    The rupee stood at 351.0411 against the British Pound (GBP), 173.5930 against the Australia dollar (AUD) and 193.0975 against the Canadian dollar (CAD).    Further, the rupee closed at 75.7827 against the UAE Dirham (AED) and 74.0844 against the Saudi Riyal (SAR) in the inter-bank market.