Rupee Falls But Manages to Stay At 279 Against US Dollar

The Pakistani rupee posted losses against the US Dollar today after opening trade at 281 in the interbank market.

It was bearish against the greenback but managed to stay in the 279-280 range against the $ during intraday trade today.

The interbank rate stayed at 280 most of the day before closing at the 279 level. Open market rates across multiple currency counters were in the 279-281 range today.

The PKR depreciated by 0.08 percent and lost 22 paisas to close at 279.57 against the dollar today.

On a fiscal year-to-date basis, the rupee has so far appreciated by 2.29 percent.

Overall, the rupee is down nearly Rs. 60 since January 2023. Since April 2022, it is down over Rs. 107 against the greenback. As per the exchange rate movements seen today, the PKR lost 22 paisas today.

In a key development, Pakistan’s Real Effective Exchange Rate (REER) increased by 2.9 percentage points to 101.7 in January 2024.

Pakistan’s current REER value of 101.7 suggests that exports offer poor returns while the PKR is overvalued.

The PKR was red against some of the other major currencies in the interbank market today. It was stable but in the red zone against the Saudi Riyal (SAR) and the UAE Dirham (AED).

Meanwhile, it gained 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) in today’s interbank currency market.