US Dollar rises further against Pakistani Rupee

US Dollar rises further against Pakistani Rupee

The Pakistani rupee experienced a downward trend for the third consecutive day against the US Dollar in the interbank market, commencing trading at 278. This decline persisted throughout the day, with the rupee demonstrating weakness not only against the dollar but also against other major currencies.

Despite opening at 278, the interbank rate fluctuated within a narrow range, hovering around 279 before concluding the day at the 278 mark. In the open market, various currency counters reported rates between 278 and 280, reflecting the rupee's depreciation against multiple currencies.

By the end of the trading day, the Pakistani rupee had depreciated by 0.04 percent, settling at 278.4 after losing 11 paisas against the US Dollar. However, on a fiscal year-to-date basis, the rupee has exhibited a modest appreciation of 2.67 percent.

However, when assessing the rupee's performance over longer periods, significant depreciation becomes evident. Since January 2023, the rupee has declined by nearly Rs. 51.58, and since April 2022, it has experienced a substantial decrease of Rs. 95.58 against the US Dollar. The exchange rate movements observed on this particular day contributed to the PKR's loss of 11 paisas against the dollar.

Furthermore, the Pakistani rupee struggled against most other major currencies in the interbank market. It lost ground against the UAE Dirham (AED) and the Saudi Riyal (SAR) by two paisas each, against the Euro (EUR) by 32 paisas, against the Australian Dollar (AUD) by 11 paisas, and against the British Pound (GBP) by 76 paisas.