Rupee dips 17 paisa to Rs278.82/$

The range-bound Pakistani rupee experienced a relatively steep depreciation in the interbank market on Tuesday, falling by 0.06%. At the close of trading, the rupee settled at 278.82, recording a loss of 17 paisas compared to the previous day's closing rate of 278.65, as reported by the State Bank of Pakistan (SBP). The rupee's trajectory reveals significant trends since the currency first reached the Rs278 mark against the US dollar. For around the last two months, the rupee has seen only a fluctuation of less than 10 paisas. Zafar Paracha, Secretary General of the Exchange Companies Association of Pakistan, provided context for the fluctuation. "Such a change is not significant in practical terms, especially when considering items priced less than Rs300," he said. He also attributed the current trend to delayed remittances caused by the closure of banks in New York on Sunday and Monday due to a public holiday.