The Pakistani rupee began trading in the interbank market at 280, but it did not start well. By 11:30 p.m., it had dropped even lower, to 282 versus the US dollar.
However, it improved somewhat between 1:30 PM and 2:30 PM, when it dropped back to 280. Today’s open market rates for several currency exchange counters fluctuated between 280 and 283.
The rupee fell 52 paisas versus the dollar at the end of the day, finishing at 281.47. It’s a pattern we’ve observed for seven days in a row.
Despite modest improvements and occasional rises, the rupee has been declining. It’s worth mentioning that the rupee has lost approximately Rs. 64 since January 2023, and more than Rs. 111 since April 2022, versus the US Dollar. Today, the PKR fell 52 paisas versus the USD.
Time of Day
Rupee Exchange Rate
(PKR to USD)
In a major step, the Monetary Policy Committee (MPC) of the State Bank of Pakistan voted to maintain the policy rate at 22 percent. They also stated that headline inflation increased as predicted in September 2023.
While there are worries about global oil price volatility and a rise in petrol taxes beginning in November 2023, the Committee emphasized several positive considerations. Among them are measures to consolidate fiscal policies, increase the market supply of vital commodities, and align interbank and open market currency rates.
The Pakistani rupee fell down versus all major currencies in the interbank market. It fell 14 paisas vs the Saudi Riyal (SAR), 14 paisas versus the UAE Dirham (AED), 31 paisas versus the Australian Dollar (AUD), and Rs. 2.43 versus the Euro (EUR).
In today’s currency market, it lost 70 paisas against the Canadian Dollar (CAD) and Rs. 2.06 against the British Pound (GBP).
The rupee’s recent performance has been influenced by a variety of variables, and although there is SBP news, it is evident that exchange rates remain difficult.