The Pakistani Rupee (PKR) continued its downward trend against the US Dollar (USD), closing in red for the second day in a row. The currency opened at 279 in the interbank market today.
Interbank Market Performance
- The interbank rate fluctuated between 278-280/$ throughout the day before settling at 278.85 by the close.
- Open market rates remained steady at the 279-281 level across multiple currency counters.
Day-on-Day and Fiscal Year Depreciation
- On a day-on-day (DoD) basis, the PKR depreciated by 0.01%, losing three paisas against the USD.
- Since the beginning of the fiscal year, the rupee has depreciated by 0.19%.
READ MORE: 50% of Pakistan’s Economy Runs on Undocumented Wealth
Performance Against Other Currencies
The PKR posted losses against most major currencies in the interbank market:
- UAE Dirham (AED): Down by 1 paisa.
- Saudi Riyal (SAR): Down by 1 paisa.
- Canadian Dollar (CAD): Lost Rs. 1.64.
- Euro (EUR): Lost Rs. 1.29.
- British Pound (GBP): Lost Rs. 1.94.
- Australian Dollar (AUD): Lost 79 paisas.
Market Sentiment
The rupee remained bearish throughout the trading session, reflecting pressure from major currencies and consistent challenges in the foreign exchange market.
