Pakistani Rupee Declines for Fourth Consecutive Day Against US Dollar

The Pakistani rupee continued its downward trajectory against the US dollar and major currencies in the interbank market. Opening trade at 282.05, it fell further throughout the day, reaching a low of 284.125 before returning to the 283 level.

The open market rates fluctuated between 288 and 295. At the close of the day, the rupee depreciated by 0.27% to 283.8 against the dollar, marking a loss of 76 paisas. The rupee also experienced varying rates in the informal exchange market, with rates ranging from 293 to 304.

The International Monetary Fund (IMF) set a premium limit between open and interbank rates, which may have implications on the informal market. Overall, the rupee has declined significantly since January 2023, with losses against major currencies observed in today’s interbank market.