The Pakistani rupee fell against the US dollar Monday, after opening trade at 281 in the interbank market. It was bearish against the dollar but managed to hold in the 279-280 range during intraday trading today.
The interbank rate remained at 280 for the majority of the day until closing at 279 levels. Today, open market rates across different currency counters ranged from 279 to 281.
The PKR fell 0.08 percent and lost 22 paisas against the dollar today, closing at 279.57. The rupee has appreciated by 2.29 percent so far this fiscal year.
Overall, the rupee has dropped almost Rs. 60 since January 2023. Since April 2022, it has fallen by more than Rs. 107 versus the dollar.
According to the exchange rate fluctuations recorded today, the PKR lost 22 paisas.
In a significant event, Pakistan’s Real Effective Exchange Rate (REER) rose 2.9 percentage points to 101.7 in January 2024.
Pakistan’s current REER value of 101.7 indicates that exports yield low returns, while the PKR is overpriced.
The PKR was down versus some of the other major currencies in the interbank market today. It lost five paisas to both the Saudi Riyal (SAR) and the UAE Dirham (AED).
In today’s interbank currency market, it rose by two paisas against the Euro (EUR), 14 paisas against the Australian Dollar (AUD), 32 paisas against the Canadian Dollar (CAD), and 75 paisas against the British Pound (GBP).
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