Rupee Devalues Against US Dollar For 8th Consecutive Day

For the eighth consecutive day, the Pakistani rupee declined against the US Dollar. The day began with the rupee opening at 280 in the interbank market.

By 11:30 AM, it showed a bearish trend, reaching 281 against the greenback. Between 1:30 PM and 2:30 PM, the interbank rate fell below the 282 level before stabilizing for the rest of the day. Open market rates fluctuated between 280 and 284.

Read more : Pakistani Rupee Falls Against US Dollar And Others

At the close of the day, the PKR depreciated by 0.41 percent, settling at 282.65 after losing Rs. 1.17 against the dollar.

Notably, the rupee has weakened by nearly Rs. 65 since January 2023 and by over Rs. 112 against the US dollar since April 2022. In today’s exchange rate movements, the PKR lost 52 paisas against the dollar.

The PKR faced losses against most other major currencies in the interbank market today. It lost seven paisas against the Canadian Dollar (CAD), 13 paisas against the Australian Dollar (AUD), 31 paisas against the Saudi Riyal (SAR), 32 paisas against the UAE Dirham (AED), and Rs. 1.11 against the British Pound (GBP).