Rupee Falls 13th Day in a Row Against US Dollar

The Pakistani rupee fell 13th day in a row against the US Dollar today after opening trade at 282.5 in the interbank market.

At 11:30 PM, it was stable, treading the 284-285 level against the greenback.

Later, the interbank rate dropped to 286 between 1:30 PM and 2:30 PM before anchoring trends for the remainder of the day. Open market rates across multiple currency counters stood in the 284-287 range today.

At close, the PKR depreciated by 0.18 percent to close at 286.9 after losing 51 paisas against the dollar today.

The rupee closed in the red for the 13th consecutive day today.

Pertinently, the rupee is down nearly Rs. 70 since January 2023. Since April 2022, it is down over Rs. 117 against the greenback. As per exchange rate movements witnessed today, the PKR has lost over 50 paisas against the dollar.

Talks with the International Monetary Fund have reached the halfway point with the lender so far demanding more stringent reforms to bridge financing needs.

On November 3, Pakistan and the IMF began technical-level negotiations on the first review, and policy-level conversations are expected to begin on November 13 (Monday). The major consensus of analysts tips the rupee/$ rate to remain volatile for the remainder of November.

The PKR was red against some of the other major currencies in the interbank market today. It lost 13 paisas against the Saudi Riyal (SAR), 13 paisas against the UAE Dirham (AED), and 35 paisas against the Australian Dollar (AUD).

Conversely, it gained 17 paisas against the Canadian Dollar (CAD), 20 paisas against the Euro (EUR), and Rs. 1.05 against the British Pound (GBP) in today’s interbank currency market.

Source: Pro Pakistani