The Pakistani rupee (PKR) was stable against the US Dollar today after opening trade at 278 in the interbank market.
It was stable all day but closed in red against the greenback. It posted losses against some of the other major currencies during today’s session.
The interbank rate stayed at 278/$ most of the day before closing at the same level. Open market rates across multiple currency counters were strictly at 278 today.
The PKR closed at 278.3 against the dollar today.
On a fiscal year-to-date basis, the rupee has so far appreciated by 2.86 percent.
Overall, the rupee is down nearly Rs. 50.82 since January 2023. Since April 2022, it is down Rs. 94.82 against the greenback. As per the exchange rate movements seen during the session, the PKR lost half a paisa today.
Markets were nauseous today due to massive uncertainty over when the Federal Budget 2024-25 will be presented in parliament.
The budget is scheduled for presentation in parliament on Monday, June 10. This could get delayed as the authorities have yet to convene the National Economic Council (NEC) meeting to review the current economic situation and next year’s economic agenda.
The PKR was green against some of the other major currencies in the interbank market today. It was stable against both the Saudi Riyal (SAR) and the UAE Dirham (AED), and gained three paisas against the British Pound (GBP) and 20 paisas against the Euro (EUR).
Meanwhile, it lost 13 paisas against the Canadian Dollar (CAD) and 29 paisas against the Australian Dollar (AUD) in today’s interbank currency market.
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