Rupee Stable Against US Dollar, Crashes Against Euro

The Pakistani rupee (PKR) was stable against the US Dollar 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 278 level today. The PKR closed at 278.7 against the US Dollar today, the same level recorded before August 14, 2024. On a fiscal year-to-date basis, the rupee has so far depreciated by 0.04 percent. Overall, the rupee is down nearly Rs. 51.79 since January 2023. Since April 2022, it is down Rs. 95.79 against the greenback. As per the exchange rate movements seen during the session, the PKR remained unchanged today. The PKR was red against most of the other major currencies in the interbank market today. It lost three paisas against the Saudi Riyal (SAR), 35 paisas against the Canadian Dollar (CAD), 50 paisas against the Australian Dollar (AUD), Rs. 1.25 against the British Pound (GBP), and Rs. 2.35 against the Euro (EUR). Meanwhile, it was stable against the UAE Dirham (AED) in today’s interbank currency market.