Rupee Drops to 278 Against US Dollar After 3rd Consecutive Decline

The Pakistani rupee (PKR) posted losses third day in a row 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 losses 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 277 level. Open market rates across multiple currency counters remained at the 279-281 level today. The PKR depreciated by 0.03 percent to close at 278.04 after losing nine paisas against the US Dollar today. a On a fiscal year-to-date basis, the rupee has so far appreciated by 0.11 percent. The PKR was red 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 lost Rs. 1.3 against the Canadian Dollar (CAD), 73 paisas against the British Pound (GBP), and 29 paisas against the Australian Dollar (AUD). It lost 21 paisas against the Euro (EUR) in today’s interbank currency market.