The Pakistani rupee (PKR) continued its downward trend for the third consecutive day against the US Dollar, opening trade at 278 in the interbank market.

The rupee remained bearish throughout the day and closed in the red against the greenback, posting significant losses against most other major currencies during today’s session.

The interbank rate hovered around 278/$ for most of the day before closing at the same level. Open market rates across multiple currency counters were consistently between 278-279.

The PKR depreciated by 0.02 percent, closing at 278.73 after losing five paisas against the dollar today. On a fiscal year-to-date basis, the rupee has depreciated by 0.14 percent.

Since January 2023, the rupee has fallen by nearly Rs. 51.82. Since April 2022, it has depreciated by Rs. 95.82 against the greenback. During today’s session, the PKR lost almost five paisas.

The rupee also showed weakness against most other major currencies in the interbank market today. It lost one paisa against the Saudi Riyal (SAR) and the UAE Dirham (AED), Rs. 1 against the Canadian Dollar (CAD), and Rs. 1.31 against the Australian Dollar (AUD).

However, the PKR remained stable against the Euro (EUR) and gained Rs. 1.13 against the British Pound (GBP) in today’s interbank currency market.

The ongoing depreciation of the rupee reflects the broader economic challenges facing Pakistan, as well as fluctuations in global currency markets.