The Pakistani rupee has been falling in value versus the US dollar for the eighth day in a row. This worrying trend is making headlines, and in this post, we’ll break down the technical financial language to explain what’s going on with the value of the Pakistani rupee with respect to the US dollar.
The Pakistani rupee ran into problems when it commenced trading in the interbank market at 280. It continued to lose ground against the US dollar throughout the day.
The rupee was trading at 281 versus the US dollar around 11:30 p.m., and it fell below 282 between 1:30 and 2:30 p.m. The open market prices at several currency exchange counters varied from 280 to 284.
The Pakistani rupee had fallen by 0.41 percent at the end of the day, finishing at 282.65, down Rs. 1.17 versus the US dollar. The rupee closed in the red for the eighth day in a row.
PKR/USD Exchange Rate
|1:30 PM – 2:30 PM||Below 282|
It’s worth noting that the spread between interbank and open market rates has shrunk by Rs. 52 since September 4. The rates have even increased to 284.
Since January 2023, the rupee has lost approximately Rs. 65, and it has lost more than Rs. 112 versus the US dollar since April 2022. According to today’s currency rate fluctuations, the PKR has lost 52 paisas versus the USD.
The Pakistani rupee not only struggled against the US dollar, but it also fell against other major currencies. It fell seven paisas vs the Canadian Dollar (CAD), 13 paisas versus the Australian Dollar (AUD), 31 paisas versus the Saudi Riyal (SAR), 32 paisas versus the UAE Dirham (AED), and Rs. 1.11 versus the British Pound (GBP).
However, there was a silver lining: it gained 76 paisas in the interbank currency market versus the Euro (EUR).
The Pakistani rupee’s ongoing depreciation versus the US dollar and other major currencies is a key source of worry for the country’s economy. It is important to monitor these trends and their possible effects on numerous facets of everyday life in Pakistan.