The Pakistani rupee lost a bit more value against the dollar on Monday, continuing its slow slide but not causing panic this time. By the day’s end, the local currency dipped by 17 paisa, settling at 283.87 in the inter-bank market — that’s about a 0.06% slip.
For the whole week, the rupee dropped 74 paisa overall, or about 0.26%, compared to where it stood last week. Not great, but not a freefall either.
Market watchers say the rupee is still feeling the heat from inflation and debt payments, though it’s faring better than in 2023, when it crashed to a record low of 307.1. Since then, IMF loans and tighter policies have kept things from getting too wild.
Topline Securities CEO Mohammed Sohail explained that compared to six months ago, the rupee is down 2% against the dollar but has fallen even more against other big currencies — it’s lost 12% to the euro and 9% to the pound.
There’s a silver lining, though. Lately, the rupee’s ups and downs have been smaller: just a 0.07% daily shift and a 0.41% dip for the month. Experts say that’s a sign the market is less jittery and more in sync with reality.
Globally, the dollar softened a bit after a US Fed official hinted at possible interest rate cuts. And while global gold prices ticked up because of the Israel-Iran tension, local gold in Pakistan actually dropped by Rs300 per tola, closing at Rs358,165 — a slight breather for buyers.
So, while the rupee is still under pressure, experts think it’s on a slower, more manageable slide rather than a sudden nosedive.