The Pakistani Rupee (PKR) began the week on a bearish note, experiencing losses against the US Dollar (USD) in the interbank market.

After Opening at 278, the PKR remained under pressure throughout the trading session and closed in the red. The interbank rate held steady at 278/$ for most of the day before closing at the same level.

In the open market, the PKR also traded consistently at 278 against the USD. By the end of the day, the rupee had depreciated by 0.05 percent, closing at 278.6 after losing 13 paisas against the dollar.

On a fiscal year-to-date basis, the rupee has depreciated by 0.10 percent. Since January 2023, the PKR has fallen by nearly Rs. 51.72, and since April 2022, it has depreciated by Rs. 95.72 against the greenback.

The PKR also posted significant losses against other major currencies during today’s session.

It lost almost Rs. 5 against the Euro, closing with a depreciation of Rs. 4.66. Additionally, the rupee fell by two paisas against the Saudi Riyal (SAR), three paisas against the UAE Dirham (AED), five paisas against the Canadian Dollar (CAD), and Rs. 2.84 against the British Pound (GBP).

Overall, the PKR was in the red against most major currencies in the interbank market today, reflecting a challenging start to the week for the Pakistani currency.