Islamabad, Dec 19: The Pakistani rupee (PKR) experienced a brief recovery on Wednesday but failed to sustain its momentum, depreciating against the US dollar (USD) again on Thursday. By the end of the day, the PKR stood at 278.35, down Rs. 0.13, or 0.04 percent, from its previous closing of 278.23.
The decline in the PKR comes amid global market trends, with the Federal Reserve’s decision to scale back its 2025 rate cut projections negatively impacting most Asian currencies. The Korean won hit a 15-year low, and the Indonesian rupiah also fell to a four-month low.
On the domestic front, Pakistan’s Real Effective Exchange Rate (REER) for November 2024 was reported at 102.92, the highest since April 2024, according to the latest central bank data. In the inter-bank market, the rupee stood at 289.47 against the Euro (EUR), 351.04 against the British Pound (GBP), 173.59 against the Australian Dollar (AUD), and 193.10 against the Canadian Dollar (CAD). The rupee also closed at 75.78 against the UAE Dirham (AED) and 74.08 against the Saudi Riyal (SAR).
