The Pakistani Rupee recorded another day of gains against the US Dollar, continuing its positive run for a ninth straight session in the interbank market. However, it struggled against several other global currencies.
Monday’s interbank market saw the PKR settle at 282.65 against the US Dollar, marking a modest appreciation of 0.07 percent or six paisas. Throughout the day, the rate hovered around the same level, reflecting a stable demand and supply balance.
Open market figures showed the greenback trading between Rs. 283 and Rs. 285. Some currency dealers in the federal capital quoted the selling rate at the higher end of the range.
The British Pound saw a significant jump in value in the open market, selling between Rs. 377 and Rs. 382. Data from the Exchange Companies Association of Pakistan (ECAP) indicated a buying rate of Rs. 380 for GBP.
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Despite its firmness against the US Dollar, the PKR declined against several other currencies. It shed Rs. 1.29 against the Canadian Dollar and Rs. 1.17 against the Australian Dollar.
The most notable loss came against the Euro, where it fell by Rs. 4.05. The Rupee also dropped Rs. 2.53 against the Pound in interbank dealings.
There were minor gains recorded against the UAE Dirham and Saudi Riyal, with the Rupee improving by one paisa against each.
Cumulatively, the Rupee has depreciated 1.30 percent against the US Dollar since the start of the current fiscal year.