Rupee Abruptly Ends Last Week’s Momentum Against US Dollar

The Pakistani rupee (PKR) posted losses to start the new week against the US Dollar (USD) after opening trade at 278 in the interbank market. It was stable all day and closed in green 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 0.04 percent to close at 277.64 after losing 12 paisas against the US Dollar today. On a fiscal year-to-date basis, the rupee has so far appreciated by 0.25 percent. The PKR was green against most of the other major currencies in the interbank market today. It lost three paisas against the UAE Dirham (AED) and four paisas against the Saudi Riyal (SAR). Meanwhile, it gained 34 paisas against the Canadian Dollar (CAD), Rs. 1.22 against the Australian Dollar (AUD), and Rs. 1.47 against the Euro (EUR). It also gained Rs. 1.5 against the British Pound (GBP) in today’s interbank currency market.