The Pakistani rupee (PKR) experienced a decline against the US Dollar (USD) today, starting the day at an interbank rate of Rs278 but closing lower at Rs277.84.
This marked a depreciation of 0.04 per cent, as the currency lost 11 paisas by the end of the trading session. The rupee struggled throughout the day, remaining largely bearish against other major currencies as well.
Market Overview
In the interbank market, the PKR remained steady at 278/$ for most of the session before closing at Rs277.84. The open market saw a slightly broader range, with rates hovering between Rs278-281 at various currency counters.
The rupee also posted losses against other major currencies. It lost two paisas against the Saudi Riyal (SAR) and three paisas against the UAE Dirham (AED).
More significant losses were seen against the Canadian Dollar (CAD), with an 18-paisa decline, a 32-paisa drop against the British Pound (GBP), and a 62-paisa dip against the Euro (EUR). The only notable gain was a six-paisa increase against the Australian Dollar (AUD).
Despite today’s downturn, the rupee has still appreciated by 0.18 per cent on a fiscal year-to-date basis, showing some resilience amid fluctuating currency market conditions.
Separately, the Pakistan Stock Exchange (PSX) continued its upward momentum on Thursday, with the KSE-100 index reaching just shy of the 89,000-point mark, setting a new all-time high.
The index gained 1,751.45 points, closing at 88,945.98 points, up from the previous day’s close of 87,194.53 points.
The PSX witnessed a significant trading volume, with a record Rs53 billion ($190 million) traded across both the cash and futures markets. A total of 757.6 million shares exchanged hands, compared to 699.3 million shares traded the previous day. The value of traded shares stood at Rs36.047 billion, a substantial increase from Rs26.824 billion in the prior session.
