Dollar Horror: PKR Loses Big to Close At 287.09 Against USD

Today’s intraday trading saw significant losses for the Pakistani rupee (PKR) against the US dollar.

The interbank rate lost 4 rupees during the early intraday trade hours of today, falling to 288 at 11 AM. The Pakistani rupee was completely in the red. By 1:25 PM, it had recovered and had climbed to the 287 mark.

The PKR lost Rs. 2.43 during today’s intraday trade before shedding 0.85 percent to end at 287.09.

After a turbulent week that saw Finance Minister Ishaq Dar cancel talks with the International Monetary Fund (IMF) and other creditor partners, the rupee posted losses today.

Since January 2023, the rupee has decreased by over Rs 56. It has lost more than 105 rupees in value versus the dollar since April 2022. According to the changes in exchange rates seen today, the PKR has suffered losses of more than Rs. 2.43 in relation to the dollar.

Money changers claim that today’s losses reflect a broader market belief that bears will continue to dominate both long- and short-term trends absent a clear policy shift, well-planned fiscal initiatives to support foreign exchange reserves, and a resurgence of trade with allies. They emphasized that one of the most important choices for boosting the economy is no longer an IMF bailout. They claimed that for the currency rate to stabilize once more, the state apparatus needed to instill clarity and support.

In today’s interbank market, the PKR was bearish compared to the other major currencies. It suffered losses versus the Saudi Riyal (SAR), the UAE Dirham (AED), the Canadian Dollar (CAD), the Pound Sterling (GBP), and the Euro of 64, 66, 2.31, and 2.37, respectively. (EUR).

Moreover, in today’s interbank currency market, it decreased by Rs. 1.21 in relation to the Australian Dollar (AUD).

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