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The Pakistani rupee remained stable but closed in the red against the US dollar amidst uncertainty surrounding the budget.

The Pakistani rupee (PKR) was stable against the US Dollar today, opening trade at 278 in the interbank market.

Despite remaining stable throughout the day, the PKR closed lower against the greenback and experienced losses against some other major currencies during today’s session.

The interbank rate held steady at 278/$ for most of the day before closing at the same level. Open market rates remained at 278 across multiple currency counters today.

The PKR closed at 278.3 against the dollar. Year-to-date, the rupee has appreciated by 2.86 percent.

However, the rupee has depreciated by nearly Rs. 50.82 since January 2023 and Rs. 94.82 since April 2022 against the greenback. Today, the PKR lost half a paisa according to the exchange rate movements seen during the session.

Market sentiment was uncertain today due to massive uncertainty over the presentation of the Federal Budget 2024-25 in parliament.

While the budget is scheduled for presentation on Monday, June 10, it could be delayed as authorities have yet to convene the National Economic Council (NEC) meeting to review the current economic situation and set next year’s economic agenda.

In the interbank market today, the PKR was stronger against some major currencies, remaining stable against the Saudi Riyal (SAR) and the UAE Dirham (AED), and gaining three paisas against the British Pound (GBP) and 20 paisas against the Euro (EUR). However, it lost 13 paisas against the Canadian Dollar (CAD) and 29 paisas against the Australian Dollar (AUD).

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