Rupee Begins Week With Losses Against US Dollar As Expected

The Pakistani rupee (PKR) reversed its 2-day winning streak against the US Dollar (USD) today after opening trade at 278 in the interbank market. It was bearish all day and 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 278-279 level today. The PKR depreciated by 0.05 percent to close at 278.7 after losing 13 paisas against the US Dollar today. On a fiscal year-to-date basis, the rupee has so far depreciated by 0.10 percent. The PKR was green against most of the other major currencies in the interbank market today. It gained 92 paisas against the Canadian Dollar (CAD), Rs. 1.37 against the Euro (EUR), Rs. 1.74 against the Australian Dollar (AUD), Rs. 1.96 against the British Pound (GBP). Meanwhile, it lost three paisas against the UAE Dirham (AED) and four paisas against the Saudi Riyal (SAR) in today’s interbank currency market.