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The Pakistani rupee saw a continued decline against the US Dollar today, opening at 278 in the interbank market.
By 11:30 PM, it had weakened, hovering around the 279-280 range against the US dollar, experiencing a loss of approximately Rs. 2.
Subsequently, the interbank rate eased to the 279 level between 1:30 PM and 2:30 PM and maintained this range for the rest of the day. Open market rates at various currency exchange counters remained in the 278-280 range throughout the day.
Read more :Â Pakistani Rupee Weakens Against The US Dollar
At the close of the day, the PKR depreciated by 0.16 percent, ending at 279.88 after shedding 45 paisas against the dollar.
This marks the rupee’s third consecutive day of decline. Traders attribute this to market adjustments in anticipation of positive developments during the upcoming visit of the International Monetary Fund to Pakistan next week for an economic review of the $3 billion stand-by arrangement (SBA).
The gap between interbank and open market rates has reduced by Rs. 61 since September 4th. Rates have fluctuated between 278 and 280 today.
Notably, the rupee has depreciated nearly Rs. 63 since January 2023 and over Rs. 110 against the US dollar since April 2022. According to today’s exchange rate movements, the PKR has lost 45 paisas against the dollar.
In the interbank market today, the PKR also saw losses against some other major currencies, including nine paisas against the Australian Dollar (AUD), 12 paisas against the Saudi Riyal (SAR), and 12 paisas against the UAE Dirham (AED). Conversely, it gained 55 paisas against the Canadian Dollar (CAD), 87 paisas against the Euro (EUR), and Rs. 2.53 against the British Pound (GBP).
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