Rupee Depreciates 2nd Day in a Row to 278.4 Against US Dollar

The Pakistani rupee (PKR) declined in value against the US Dollar today after opening trade at 278 in the interbank market. It was bearish all day and closed in red against the greenback second day in a row. 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 278 today. The PKR depreciated by 0.04 percent and closed at 278.4 after losing 10 paisas against the dollar today. On a fiscal year-to-date basis, the rupee has so far depreciated by 0.02 percent. Overall, the rupee is down nearly Rs. 51.50 since January 2023. Since April 2022, it is down Rs. 95.50 against the greenback. As per the exchange rate movements seen during the session, the PKR lost 10 paisas today. The PKR was red against some of the other major currencies in the interbank market today. It lost two paisas against the Saudi Riyal (SAR) and three paisas against the UAE Dirham (AED). Meanwhile, it gained one paisa against the British Pound (GBP), 21 paisas against the Euro (EUR), 23 paisas against the Canadian Dollar (CAD), and Rs. 1.04 against the Australian Dollar (AUD) in today’s interbank currency market.