The Pakistani rupee plunged to its all-time low of 289.75 versus the US Dollar during intraday trade today, making history.
The interbank rate lost Rs. 6.35 over the first four hours of intraday trading today, falling to Rs. 289.75.23 by 1:30 PM. After opening at 290, open market rates for the dollar reached highs of 290-295 across several currency counters.
At closing, the PKR lost Rs. 5.37 and was suspended at 290.22, depreciating by 1.85 percent.
The black market rate, which trades in the 290–295 range, has also become closer to the bank rate. According to currency dealers, today’s markets are in the red and the rupee will fall even further as investor confidence is harmed by widespread protests.
Another dealer claimed that this week’s default rumours had fueled the fire under exchange rates. Markets have been roiled by uncertainty on financial support from IMF-friendly countries. This portends catastrophe for feelings in the upcoming weeks, along with the political saga enveloping the country. It’s realistic to assume that June will be challenging for all of us given that the budget presentation is quickly approaching, he continued.
Relevantly, since January 2023, the rupee has lost roughly 61 rupees. It has lost value versus the dollar by more than 108 rupees since April 2022. According to today’s currency rate moves, the PKR has decreased by over Rs. 6.4 in relation to the dollar.
In today’s interbank market, the PKR fell in value relative to the other major currencies. It lost Rs. 1.42, Rs. 1.46, and Rs. 3.79 versus the Saudi Riyal (SAR), UAE Dirham (AED), and Canadian Dollar (CAD), respectively.