Rupee Rebounds Against US Dollar, Crashes Below 371 Against British Pound

The Pakistani rupee (PKR) reversed yesterday’s losses against the US Dollar (USD) today after opening trade at 278 in the interbank market. It was stable all day and closed in green 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 same level. Open market rates across multiple currency counters were strictly at the 277-278 level today. The PKR appreciated by 0.02 percent to close at 277.80 after gaining six paisas against the US Dollar today. On a fiscal year-to-date basis, the rupee has so far appreciated by 0.19 percent. The PKR was red against most of the other major currencies in the interbank market today. Though red, it was stable against the Saudi Riyal (SAR) but lost one paisa against the UAE Dirham (AED). Meanwhile, it lost 53 paisas against the Australian Dollar (AUD), 81 paisas against the Euro (EUR), 93 paisas against the Canadian Dollar (CAD), and Rs. 2.49 against the British Pound (GBP) in today’s interbank currency market.