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Pakistani Rupee Falls for the Fourth Consecutive Day Against US Dollar

The Pakistani rupee (PKR) continued its downward trend against the US Dollar (USD) for the fourth consecutive day in the interbank market. Opening trade at 280, the rupee faced bearish pressure against the greenback throughout the trading day.

Pakistani Rupee Falls for the Fourth Consecutive Day Against US Dollar

The interbank rate fluctuated within a range of 277 to 278 for most of the day before settling at the 277 level by the day’s end. In the open market, rates across various currency counters ranged between 277 and 280.

Closing at 277.95, the PKR depreciated by 0.006 percent, losing two paisas against the dollar in today’s trading session. Despite this recent decline, on a fiscal year-to-date basis, the rupee has managed to appreciate by 2.83 percent.

However, looking at the broader picture, the rupee has experienced significant depreciation over the past year. Since January 2023, it has depreciated by nearly Rs. 51.67, and since April 2022, the decline amounts to Rs. 95.67 against the greenback. Today’s exchange rate movements contributed to the two-paisa loss in the PKR value.

Furthermore, in today’s interbank market, the PKR exhibited weakness against most major currencies. While it remained stable against the UAE Dirham (AED) and the Saudi Riyal (SAR), it lost 10 paisas against the British Pound (GBP) and 23 paisas against the Australian Dollar (AUD). On the other hand, the PKR gained nine paisas against the Euro (EUR) and 45 paisas against the Canadian Dollar (CAD).

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The continuous decline of the Pakistani rupee against the US Dollar reflects ongoing market dynamics and economic factors affecting the country’s currency. Market participants will closely monitor further developments to gauge the rupee’s future trajectory against major currencies.

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