Rupee Stable Against US Dollar But Crashes Against Other Currencies

The Pakistani rupee closed in the gren against the US Dollar after opening trade at 278 in the interbank market. It was largely stable against the greenback today during most of the session. The interbank rate stayed at 278 most of the day before closing at the 278 level. Open market rates across multiple currency counters were in the 278-279 range today. The PKR appreciated by 0.005 percent to close at 278.39 after gaining one paisa against the dollar today. On a fiscal year-to-date basis, the rupee has so far appreciated by 2.68 percent. Overall, the rupee is down nearly Rs. 52.14 since January 2023. Since April 2022, it is down Rs. 96.14 against the greenback. As per the exchange rate movements seen today, the PKR gained just one paisa today. The PKR was red against most of the other major currencies in the interbank market today. It lost Rs. 1.83 against the Euro (EUR), Rs. 1.84 against the Canadian Dollar (CAD), Rs. 2.08 against the British Pound (GBP), and Rs. 2.67 against the Australian Dollar (AUD). Meanwhile, it was stable against the UAE Dirham (AED) and the Saudi Riyal (SAR) in today’s interbank currency market.