Rupee Suddenly Drops Near 279 Against US Dollar After Brief Respite

The Pakistani rupee (PKR) closed in red after a brief respite against the US Dollar (USD) today after opening trade at 280 in the interbank market. On a day-on-day (DoD) basis, the interbank rate stayed at 278-280/$ most of the day before closing at the 278 level. Open market rates across multiple currency counters remained at the 279-282 level today. It was bearish all day and closed in red against the greenback. Meanwhile, it posted losses against most of the other major currencies during today’s session. The PKR depreciated by 0.04 percent DoD after losing 10 paisas and closed at 278.9722 against the US Dollar today. On a fiscal year-to-date basis, the rupee has so far depreciated by 0.24 percent. The PKR was red against most of the other major currencies in the interbank market today. It lost two paisas against the UAE Dirham (AED) and two paisas against the Saudi Riyal (SAR). Meanwhile, it was stable at 193.4 against the Canadian Dollar (CAD). It lost 17 paisas against the Euro (EUR) and eight paisas against the British Pound (GBP). The rupee gained 32 paisas against the Australian Dollar (AUD) in today’s interbank currency market.