Pakistani rupee finally ends 28-day winning streak, loses against US dollar

The Pakistani rupee’s remarkable 28-day winning streak against the US dollar came to an end today, as it recorded losses following an initial trade opening at Rs278.5 in the interbank market.

In the morning, the rupee had steadied, maintaining a level of Rs276 against the greenback. Subsequently, between 1:00 PM and 2:35 PM, the interbank rate dipped to Rs278 before settling at Rs277 for the rest of the day. 

Open market rates, observed across various currency exchange counters, ranged from Rs277 to Rs279 throughout the day.

At the close of the trading day, the PKR experienced a depreciation of 0.07 per cent, concluding at Rs277.03 after losing 20 paisas against the US dollar.

Despite today’s setback, it is noteworthy that the disparity between interbank and open market rates has significantly decreased by Rs60 since September 4th. The rates have fluctuated between as low as Rs277 and sporadic spikes up to Rs280 today.