Rupee Loses Further Ground Against US Dollar 2nd Consecutive Day

The Pakistani rupee (PKR) fell second day in a row 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. However, it managed to recover against a few 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 0.03 percent to close at 278.39 after losing nine paisas against the dollar today. On a fiscal year-to-date basis, the rupee has so far appreciated by 2.83 percent. Overall, the rupee is down nearly Rs. 51.19 since January 2023. Since April 2022, it is down Rs. 95.19 against the greenback. As per the exchange rate movements seen during the session, the PKR lost almost 10 paisas today. It was revealed today that a staff-level agreement between Pakistan and the International Monetary Fund was highly unlikely this week and will get delayed until after the upcoming federal budget. ProPakistani revealed earlier this week that policy-level talks have so far failed to yield any conclusive result. The lender’s mission led by Nathan Porter will leave Pakistan after three days. Negotiations on the new bailout program will continue virtually in the coming weeks. The PKR was all red against some of the other major currencies in the interbank market today. It lost two paisas against the Saudi Riyal (SAR), two paisas against the UAE Dirham (AED), and 65 paisas against the British Pound (GBP). Meanwhile, it gained 12 paisas against the Euro (EUR), 26 paisas against the Canadian Dollar (CAD), and 81 paisas against the Australian Dollar (AUD)in today’s interbank currency market.