Islamabad. Feb 18: The Pakistani Rupee (PKR) experienced a decline for the second consecutive day, closing lower against the US Dollar (USD) after opening at 280 in the interbank market. Throughout the day, the exchange rate fluctuated between 279 and 281, ultimately settling at 279. In the open market, the rates ranged from 279 to 282, reflecting a general weakening of the rupee.
The currency remained bearish throughout the session, losing 10 paisas, or 0.04%, to close at 279.36 against the USD. On a year-to-date basis, the PKR has depreciated by 0.37%. In addition to the USD, the PKR also posted losses against other major currencies, including a slight decline of one paisa against the UAE Dirham (AED) and a three-paisa drop against the Saudi Riyal (SAR).
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However, not all movements were negative. The rupee saw a modest gain of one paisa against the Canadian Dollar (CAD). In European currencies, the PKR strengthened by 37 paisas against the Euro (EUR) but faced a more substantial loss of 71 paisas against the British Pound (GBP). It also appreciated by 10 paisas against the Australian Dollar (AUD).
The currency market has shown mixed signals with fluctuations that indicate a continued challenge for the PKR. Despite some positive movement against select currencies, the overall trend remains negative. The exchange rate fluctuations emphasize the volatile nature of the currency market in Pakistan, influenced by global economic conditions and domestic factors.
