๐ PKR Weakens Against Major Currencies
The Pakistani Rupee (PKR) recorded another decline in value against both the US Dollar (USD) and the British Pound (GBP) on Monday, showing signs of continued weakness in the currency market.
๐ฒ Dollar Closes at 284.95 in Interbank Market
Throughout the trading day, the interbank rate mostly hovered around Rs. 285 per US Dollar, eventually closing slightly lower at Rs. 284.95.
In the open market, the USD was trading between Rs. 287 to Rs. 290, while some dealers in Islamabad were quoting as high as Rs. 291 per Dollar.
๐ท British Pound Jumps to Rs. 391 in Open Market
The British Pound rose sharply in the open market, being traded between Rs. 384 to Rs. 391.
According to the Exchange Companies Association of Pakistan (ECAP), the buying rate was recorded at Rs. 383, while the selling rate in major cities touched up to Rs. 391.
๐ Rupee Records Daily and Yearly Losses
The PKR lost eight paisas against the Dollar on a day-to-day basis, showing a 0.03% depreciation.
So far in the current fiscal year, the rupee has weakened by 2.14% against the USD, reflecting persistent pressure on the local currency.
๐ฑ PKR Performance Against Other Major Currencies
Todayโs interbank session also saw the rupee slipping against most global currencies:
- ๐ฆ๐ช UAE Dirham (AED): Lost 2 paisas
- ๐ธ๐ฆ Saudi Riyal (SAR): Lost 2 paisas
- ๐จ๐ฆ Canadian Dollar (CAD): Dropped by 10 paisas
- ๐ฆ๐บ Australian Dollar (AUD): Gained 12 paisas
- ๐ช๐บ Euro (EUR): Lost 11 paisas
- ๐ฌ๐ง British Pound (GBP): Fell by 24 paisas
๐ Key Takeaway
The Pakistani Rupee continues to decline as demand for foreign currency remains high and investor sentiment weak. With inflationary concerns and rising import bills, pressure on PKR is expected to persist unless strong fiscal measures are taken.
