PKR Declines 4th Day in a Row Against US Dollar Despite Saudi News

The Pakistani rupee (PKR) posted small losses 4th day in a row against the US Dollar (USD) after opening trade at 278 in the interbank market. It was stable all day but closed in red against the greenback. Meanwhile, it posted gains against most of the other major currencies during today’s session. The interbank rate stayed at 278/$ most of the day before closing at the same level. Open market rates across multiple currency counters were strictly at the 277-278 level today. The PKR depreciated by 0.02 percent to close at 277.79 after losing seven paisas against the US Dollar today. On a fiscal year-to-date basis, the rupee has so far appreciated by 0.20 percent. In a key development, Saudi Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Faleh announced on Thursday that 27 MoUs will be signed with the Government of Pakistan for projects in various sectors. The PKR was green against most of the other major currencies in the interbank market today. It lost one paisa against the Saudi Riyal (SAR) and two paisas against the UAE Dirham (AED). Meanwhile, it gained 11 paisas against the Australian Dollar (AUD), 72 paisas against the Euro (EUR), and 85 paisas against the Canadian Dollar (CAD). It also gained 15 paisas against the British Pound (GBP) in today’s interbank currency market.