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Pakistani Rupee Continues Decline Against US Dollar for Third Consecutive Day

The Pakistani rupee witnessed a downward trend for the third consecutive day against the US Dollar in the interbank market, opening trade at 279. Despite being largely stable today, the rupee closed at 277, marking a continued decline.

Pakistani Rupee Continues Decline Against US Dollar for Third Consecutive Day

Throughout the trading day, the interbank rate hovered around 278 before settling at 277 at closing. Open market rates were also observed within the range of 277-278 across various currency counters.

Today’s depreciation saw the PKR lose one paisa against the dollar, closing at 277.93, reflecting a decrease of 0.0004 percent. However, on a fiscal year-to-date basis, the rupee has shown resilience, appreciating by 2.84 percent.

Despite this recent appreciation, the rupee has faced significant challenges in recent times. Since January 2023, it has witnessed a decline of nearly Rs. 51.65, and since April 2022, it has decreased by Rs. 95.65 against the greenback.

In contrast to its performance against the US Dollar, the Pakistani rupee showed strength against several other major currencies in the interbank market today. It remained stable against the UAE Dirham (AED) and the Saudi Riyal (SAR), while gaining 36 paisas against the Australian Dollar (AUD), 58 paisas against the Euro (EUR), and Rs. 1.09 against the British Pound (GBP). Additionally, it gained 76 paisas against the Canadian Dollar (CAD) in today’s interbank currency market.

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The fluctuating exchange rates highlight the challenges and complexities faced by Pakistan’s currency in the global market, influenced by various economic factors both domestically and internationally. Investors and economists continue to closely monitor these developments, anticipating their impact on the country’s economy and financial stability.

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