Rupee Closes in Red 2nd Day in a Row Against US Dollar As Uncertainty Mounts

The Pakistani rupee (PKR) closed in red second day in a row against the US Dollar (USD) today after opening trade at 279 in the interbank market. It was stable all day but closed in red against the greenback. Meanwhile, it posted losses against all of the other major currencies during today’s session. The interbank rate stayed at 278/$ most of the day before closing at the 277 level. Open market rates across multiple currency counters remained at the 277-280 level today. The PKR depreciated by 0.01 percent and closed at 277.94 after losing two paisas against the US Dollar today. On a fiscal year-to-date basis, the rupee has so far appreciated by 0.14 percent. The PKR was red against all of the other major currencies in the interbank market today. It lost one paisa against the Saudi Riyal (SAR) but was stable against the UAE Dirham (AED). Meanwhile, it lost two paisas against the Canadian Dollar (CAD). It lost 84 paisas against the Euro (EUR) and Rs. 1.32 against the British Pound (GBP). The rupee lost 22 paisas against the Australian Dollar (AUD) in today’s interbank currency market.