Rupee Falls Below 281 Against US Dollar With More Losses Expected

The Pakistani rupee (PKR) closed in red against the US Dollar (USD) today after opening trade at 282 in the interbank market. On a day-on-day (DoD) basis, the interbank rate stayed at 280-282/$ most of the day before closing at the 280 level. Open market rates across multiple currency counters remained at the 282-283 level today. 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 PKR depreciated by 0.04 percent DoD after losing 10 paisas and closed at 281.07 against the US Dollar today. On a fiscal year-to-date basis (FYTD), the PKR has lost 0.98 percent against the US Dollar. The PKR was red against most of the other major currencies in the interbank market today. It lost two paisas against the UAE Dirham (AED) and two paisas against the Saudi Riyal (SAR). Meanwhile, it gained 25 paisas against the Canadian Dollar (CAD). The rupee gained 70 paisas against the Australian Dollar (AUD) in today’s interbank currency market. It lost 15 paisas against the Euro (EUR) but gained seven paisas against the British Pound (GBP).