Rupee Posts Losses 3rd Day in a Row Against US Dollar After Mini-Budget News

The Pakistani rupee (PKR) dropped further 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 third 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 0.03 percent and closed at 278.5 after losing nine paisas against the dollar today. On a fiscal year-to-date basis, the rupee has so far depreciated by 0.05 percent. Overall, the rupee is down nearly Rs. 51.59 since January 2023. Since April 2022, it is down Rs. 95.59 against the greenback. As per the exchange rate movements seen during the session, the PKR lost nine paisas today. Today’s losses come after the International Monetary Fund (IMF) has warned that Pakistan might need to consider a mini-budget if revenue targets are not met, sources told ProPakistani. The lender further said the PKR/$ will continue to be determined by market forces. 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 two paisas against the UAE Dirham (AED). Meanwhile, it gained 23 paisas against the Canadian Dollar (CAD), 66 paisas against the Australian Dollar (AUD), 81 paisas against the British Pound (GBP), and Rs. 1.23 against the Euro (EUR) in today’s interbank currency market.