Islamabad, Oct 14: Pakistani Rupee Starts Week with Marginal Declines Against US Dollar. After starting the week at 278 in the interbank market, the Pakistani rupee (PKR) saw losses versus the US dollar (USD).
Despite closing in red against the greenback, it remained steady throughout the day. In the meantime, it reported losses throughout today’s session compared to some of the other major currencies.
Before closing at that level, the interbank rate remained at 278/$ for the majority of the day. Today’s open market rates for a number of currency counters were erratic but within the 279–280 range.
The PKR lost two paisas against the US dollar today, depreciating by 0.01 percent to settle at 277.66. To date, the rupee has gained 0.24 percent on a fiscal year basis. In the interbank market today, the PKR traded down versus a few of the other major currencies.
In comparison to the Saudi Riyal (SAR) and the UAE Dirham (AED), it closed in red. Despite the minor drop, both remained at Friday’s level. In the meantime, it appreciated 27 paisas against the Canadian dollar (CAD) and 26 paisas against the British pound (GBP). In today’s interbank currency market, it increased by 16 paisas versus the Australian dollar (AUD) and 47 paisas versus the euro (EUR).
The news for Pakistan to devalue its currency was followed the extension into the new trading week, where the rupee slightly declined against the dollar. The only occasion of slight depreciation of rupee can be fixed with external factors, they include in the enhanced value of the dollar in the global market and domestic factors like inflation rate and increased external borrowings.