Pakistani Rupee Drops 98 Paisa Against the US Dollar and Continues to Fall

The intraday high (bid) and low (ask) for the local unit were 285.5 and 284, respectively.

The local unit lost 2 rupees on the open market because the dollar was quoted by exchange businesses at 284 for purchasing and 287 for selling, as opposed to the closing of 282 for buying and 285 for selling.

It should be noted that this is the eleventh session in a row that the value of the local currency has decreased relative to the US dollar.

The local currency depreciated by approximately 3.74 rupees in relation to the US dollar last week.

The Pakistan Rupee (PKR) saw a 4.52 rupee decline versus the Euro, finishing at 306.6 as opposed to its previous value of 302.08.

The value of the British Pound increased by 7.01 rupees, closing at 353.64 as opposed to 346.63 the previous day.

The Swiss franc closed at 318.19, up 4.83 rupees from the previous session's close of 313.36.

PKR shed 1.76 paisas against the Japanese yen, closing at 1.908 vs 1.891 the previous day.

The Chinese Yuan closed at 39.1969, up 33.46 paisa from the previous session's closing price of 38.8623.

The Saudi Riyal gained 26.33 paisa from the previous day's value of 75.78 to close at 76.05 today.

The value of the U.A.E. Dirham went up from 77.407 a day earlier to 77.672, a gain of 26.48 paisa.

The value of the rupee has increased by 0.7 rupees, or 0.25%, versus the US dollar during the current fiscal year. In contrast, the value of the PKR has decreased by 20.63%, or 58.86 rupees, this calendar year.

The benchmark 6-month Karachi Interbank Bid and Offer rates in the money market are at 21.44% and 21.69%, respectively.