The PKR has been fluctuating against the dollar. This essay will describe what’s happened in a manner a 13-year-old can comprehend.
Losing streak for Rupee vs. USD
The Pakistani Rupee (PKR) has struggled against the US Dollar for six days. Break down the newest developments.
In the interbank market, the Rupee started at 279 versus the US Dollar, starting the decline. Each PKR was worth 0.0036 USD (1 USD = 279 PKR).
Rupee values fluctuated all day. It traded at 280 versus the US Dollar at 11:30 AM. The interbank rate fell further to 282 between 1:30 and 2:30 PM. After these swings, everything calmed down for the day.
The PKR fell 0.14 percent to 280.95 at the day’s conclusion. This meant one US Dollar cost more Rupees than in the morning. That day, the PKR fell 38 paisas versus the Dollar. Pakistan’s tiny currency is paisa.
Since September 4, the interbank-open market rate gap has dropped Rs. 54. On this day, rates dropped to 279 then spiked to 282.
The Rupee has lost value over time. Since January 2023, it’s plummeted approximately Rs. 63 versus the US Dollar, and since April 2022, over Rs. 110. Today alone, the PKR lost 38 paisas versus the Dollar.
|Time of Day||PKR Exchange Rate (USD)||Change from Morning|
|11:30 AM||280||+1 PKR|
|1:30 PM – 2:30 PM||282||+3 PKR|
Many analysts think the Rupee’s future depends on the IMF. The IMF is reviewing Pakistan’s economy as part of a $3 billion stand-by agreement. This evaluation will guide Pakistan’s economic policy in the next months. It’s essential for resolving financial imbalances and foreign exchange concerns.
In addition to the US Dollar, the PKR struggled against other key currencies. It lost nine paisas against the Saudi Riyal, ten against the UAE Dirham, 22 against the Euro, and a huge 54 versus the Australian Dollar.
Good news: it won 38 paisas versus the Canadian Dollar and 12 against the British Pound in the interbank currency market.