Rupee Miserably Loses More Value 2nd Day in a Row Against US Dollar

The Pakistani rupee (PKR) lost further ground 2nd 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 gains against some of the other major currencies during today’s session. The interbank rate stayed at 279/$ most of the day before closing at the 278 level. Open market rates across multiple currency counters remained at the 278-280 level today. The PKR depreciated by 0.04 percent and closed at 278.16 after losing 11 paisas against the US Dollar today. On a fiscal year-to-date basis, the rupee has so far appreciated by 0.06 percent. The PKR was red against most of the other major currencies in the interbank market today. It closed in red against the Saudi Riyal (SAR) and lost three paisas against the UAE Dirham (AED). Meanwhile, it lost 15 paisas against the Canadian Dollar (CAD). It gained Rs. 1.08 against the Euro (EUR) and Rs. 1.10 against the Australian Dollar (AUD) The rupee lost 17 paisas against the British Pound (GBP) in today’s interbank currency market.