The Pakistani rupee fell for the seventh day in a row against the US dollar today, opening at 280 in the interbank market.
At 11:30 p.m., it was bearish, hovering around the 282 level against the US dollar.
Later, between 1:30 and 2:30 PM, the interbank rate eased back to the 280 level before anchoring trends for the rest of the day.
Today’s Market Rupee and Dollar Exchange Rates Difference
Today’s open market rates across multiple currency counters were in the 280-283 range.
After losing 52 paisas against the dollar today, the PKR depreciated by 0.19 percent to close at 281.47.
Today was the seventh consecutive day that the rupee closed in the red. Meanwhile, the difference between interbank and open market rates has shrunk by Rs. 54 since September 4th.
Rates have dropped to as low as 280 and have since risen briefly to 283 today.
In addition, the rupee has lost nearly Rs. 64 since January 2023. It has lost over Rs. 111 against the US dollar since April 2022.
According to today’s exchange rate movements, the PKR has lost 52 paisas against the dollar.
SBP MPC Meeting Decision on Policy Rate
In a significant development, the State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) decided on Monday to maintain the policy rate at 22 percent.
The Committee noted that headline inflation rose as expected in September 2023.
While recent volatility in global oil prices, as well as an increase in gas tariffs beginning in November 2023, pose some risks to the FY24 inflation and current account outlook, the Committee also noted some mitigating factors.
These include fiscal consolidation in the first quarter, increased market availability of key commodities, and the alignment of interbank and open market exchange rates.
PKR Trading in the Interbank
Today, the PKR was trading in the red against all of the major currencies in the interbank market. It fell 14 paisas versus the Saudi Riyal (SAR), 14 paisas versus the UAE Dirham (AED), 31 paisas versus the Australian Dollar (AUD), and Rs. 2.43 versus the Euro (EUR).
Furthermore, in today’s interbank currency market, it lost 70 paisas against the Canadian Dollar (CAD) and Rs. 2.06 against the British Pound (GBP).
To read our blog on “Rupee shows stability in market against U$D at this weekend,” click here.
