Today, the Pakistani rupee (PKR) halted its two-day winning streak against the US Dollar, reversing course and closing in the red. Opening trade at 278 in the interbank market, the PKR remained slightly bearish throughout the day, with the interbank rate holding steady at 278/$ for most of the session. Ultimately, the PKR depreciated by 0.03 percent, closing at 278.3 against the US Dollar, losing nine paisas.
In the open market, rates were consistent at 278 across multiple currency counters. Despite this, on a fiscal year-to-date basis, the rupee has appreciated by 2.86 percent. However, looking at a broader perspective, the rupee has depreciated by Rs. 51.1 since January 2023 and a significant Rs. 95.1 since April 2022 against the US Dollar.
During today’s trading session, the PKR also posted losses against most other major currencies in the interbank market. It lost two paisas against the Saudi Riyal (SAR) and the UAE Dirham (AED), while facing more substantial losses against the Euro (EUR), Canadian Dollar (CAD), and British Pound (GBP), depreciating by 68 paisas, 95 paisas, and Rs. 1.04, respectively.
However, it’s not all losses for the PKR, as it gained Rs. 1.16 against the Australian Dollar (AUD). Overall, the trend for the PKR today was bearish against major currencies, with a small exception against the AUD, marking a day of fluctuation and challenges for the Pakistani currency in the global forex market.
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