Today marked the eighth consecutive day of decline for the Pakistani rupee against the US Dollar in the interbank market. Commencing trade at 280, the rupee witnessed a steady fall, breaching the 282 level between 1:30 PM and 2:30 PM before stabilizing for the remainder of the day. Open market rates varied between 280 and 284 across multiple currency counters.

By the day’s end, the PKR depreciated by 0.41 percent, concluding at 282.65, having lost Rs. 1.17 against the dollar. This sustained a continual downward trend, marking the rupee in the red for the eighth consecutive day.

Today’s fluctuation brought the gap between interbank and open market rates down by Rs. 52 since September 4th. At certain points, rates soared as high as 284. Notably, the rupee has dropped by nearly Rs. 65 since January 2023 and over Rs. 112 since April 2022 against the US dollar. Today’s currency movements showed a loss of 52 paisas against the dollar.

In the interbank market, the PKR experienced a decline against most major currencies today. It lost seven paisas against the Canadian Dollar (CAD), 13 paisas against the Australian Dollar (AUD), 31 paisas against the Saudi Riyal (SAR), 32 paisas against the UAE Dirham (AED), and Rs. 1.11 against the British Pound (GBP). Conversely, it gained 76 paisas against the Euro (EUR).