You are currently viewing Pakistani Rupee Holds Steady Against US Dollar

Pakistani Rupee Holds Steady Against US Dollar

Islamabad – The Pakistani rupee remained largely unchanged against the US dollar in interbank trading on Thursday.

The rupee opened at 280 in the interbank and held steady through intraday trade, fluctuating between 279 and 280.

It closed at 279, where it had stayed for most of the session. Open market rates were between 279 and 280 at various currency counters.

The PKR ended unchanged at 279.31 versus the dollar. It has gained 2.37 percent against the greenback so far in the current fiscal year.

But the rupee is down around Rs. 60 since January 2023, and over Rs. 107 since April 2022. The PKR saw no change in exchange rates today.

The PKR was up against most other major currencies in the interbank. It gained Rs. 1.96 against the Euro, Rs. 1.32 versus the Australian dollar, and held steady against the Saudi riyal and UAE dirham.

Read More: Pakistan to Issue Higher Property Tax Rates From July

The rupee also picked up Rs. 1.6 against the Canadian dollar and Rs. 2.9 versus the British pound in today’s interbank trade.

Economists say the rupee has recently found some stability after sharp declines last year, but uncertainty remains given Pakistan’s economic and political crises.

The new government taking power faces tough decisions on reforms needed to revive the economy and avoid default. This could determine the rupee’s path in coming months.

Leave a Reply