The Pakistani rupee fell for the eighth consecutive day against the US dollar during intraday trade today, after starting at 288.225 in the interbank market.

It was bearish at 12 p.m., falling as low as 290 after losing Rs. 2 against the US dollar.

Later, between 12:30 PM and 1:15 PM, it recovered to the 288 level and remained there.

Read more : After IMF news, the rupee rises for a third straight day against the dollar

Open market rates across various currency counters (recorded) remained in the 292-296 range.

The PKR fell 0.21 percent to 288.52 at the closing, after losing 60 paisas versus the dollar today.

Initially, the informal exchange rate was set at 298-303.

Today’s cash rate per dollar in Hundi was in the 296-301 range, with many undocumented channels reporting values as high as 305.

Today was the eighth consecutive day that the PKR crashed.

“Losses are linked to emotions. Cash registers are empty, while informal channels are brimming with activity. The decrease has eased, but falling below 290 tomorrow would be consistent with study. “The currency market could close in green before the country observes Ashura at the end of this week,” a dealer said.

Since January 2023, the currency has lost almost Rs. 63. It has lost more than Rs. 112 against the US dollar since April 2022.

In the interbank market today, the PKR was weak against the majority of the other major currencies. It fell 16 paisas to the Saudi Riyal (SAR), 17 paisas to the UAE Dirham (AED), Rs. 1.01 to the Canadian Dollar (CAD), and Rs. 1.09 to the Australian Dollar (AUD).

In today’s interbank currency market, it gained three paisas against the Euro (EUR).