Islamabad, Feb 24: The Pakistani rupee continued its losing streak against the US dollar for the second consecutive day, closing in the red as the week came to an end. The currency opened trade at 280 in the interbank market and remained largely range-bound between 279 and 281 throughout the session before settling at 279.66.
Despite minor fluctuations, the rupee remained bearish against the greenback, reflecting ongoing pressures in the currency market. Meanwhile, open market rates across various exchange counters hovered between 280 and 282, signaling slight volatility. On a day-on-day basis, the PKR depreciated by 0.03 percent, shedding nine paisas against the dollar. Since the beginning of the fiscal year, the rupee has now lost 0.47 percent of its value.
The local currency also posted mixed performances against other major foreign currencies. It weakened slightly against the UAE Dirham and Saudi Riyal, losing two paisas against each. However, it recorded gains against several other currencies, appreciating by 24 paisas against the Canadian Dollar, 22 paisas against the Euro, and 68 paisas against the British Pound. The rupee, however, saw a notable drop against the Australian Dollar, losing 73 paisas in today’s trading session.
The fluctuations in the rupee’s value indicate the continued interplay of economic and external factors influencing Pakistan’s currency market. With exchange rate pressures persisting, all eyes remain on the central bank’s policies and upcoming financial developments that may impact the rupee’s trajectory in the coming weeks.
