The Pakistani Rupee faced a downturn in today’s trading, initially opening at 281 against the US Dollar in the interbank market. Despite a downward trend, the Rupee hovered around the 279-280 mark against the Dollar during the day’s trades.
The interbank rate mostly stayed at 280 throughout the day, eventually settling at 279. The open market saw similar trends, with rates fluctuating between 279 and 281.
Today, the Rupee slightly depreciated by 0.08 percent, shedding 22 paisas to finalize at 279.57 against the Dollar.
From the start of the fiscal year to date, the Rupee has appreciated by 2.29 percent. However, looking back to January 2023, the Rupee has depreciated by nearly Rs. 60, and since April 2022, it has dropped over Rs. 107 against the Dollar.
Today’s exchange saw the Rupee losing 22 paisas, reflecting a consistent pattern in its valuation against the Dollar.
A significant update comes with Pakistan’s REER climbing by 2.9 percentage points to 101.7 in January 2024. This current REER value indicates that the Rupee is overvalued, which could mean lesser returns for exports.
In addition to its performance against the Dollar, the Rupee also saw a decrease in value against other major currencies in the interbank market today. Notably, it lost five paisas each against the Saudi Riyal (SAR) and the UAE Dirham (AED).
Despite today’s fluctuations, the Rupee’s ability to stabilize at 279 against the US Dollar is noteworthy. The currency’s journey reflects the broader challenges and developments within Pakistan’s economy, from REER adjustments to comparisons with other major currencies.