Karachi, Pakistan — USD TO PKR: The Pakistani Rupee (PKR) experienced a decline of 17.33 paisa against the US Dollar during Monday’s interbank session. The currency settled at PKR 278.3 per USD, down from the previous session’s closing rate of PKR 278.13 per USDprevious session’s closing rate of PKR 278.13 per USD.
Interbank and Open Market Performance
In intraday trading, the PKR saw an intraday high (bid) of 278.55 and a low (ask) of 278.15. Meanwhile, in the open market, exchange companies quoted the dollar at PKR 278.50 for buying and PKR 280.50 for selling.
Comparison with Major Currencies
The Pakistani Rupee also showed varied performance against other major currencies:
- Euro: The PKR lost 18.87 paisa, closing at PKR 303.01 compared to the previous value of PKR 302.82.
- British Pound: The PKR appreciated slightly, gaining 4.03 paisa, closing at PKR 359.65 from the previous day’s PKR 359.69.
- Swiss Franc: The PKR saw a gain of 37.15 paisa, closing at PKR 313.44 compared to PKR 313.06 from the previous session.
- Japanese Yen: The PKR depreciated by 0.83 paisa, closing at PKR 1.7756 versus PKR 1.7673 a day earlier.
- Chinese Yuan: The PKR lost 0.99 paisa, closing at PKR 38.26 against PKR 38.27 from the previous session.
- Saudi Riyal: The PKR appreciated by 4.42 paisa, closing at PKR 74.2 from PKR 74.15 a day earlier.
- U.A.E Dirham: The PKR increased in value by 4.71 paisa, closing at PKR 75.72 from the previous day’s PKR 75.77.
Year-to-Date Performance
During the current financial year, the PKR has appreciated by 4.12 paisa or 0.01% against the US Dollar. The calendar year has seen the PKR appreciate by PKR 3.56 or 1.28%.
Money Market Insights
In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates (KIBOR) edged down by 2 basis points (bps) to 19.63% and 19.88%, respectively.
Analysis and Outlook
The depreciation of the Pakistani Rupee against major currencies, particularly the US Dollar and Euro, reflects the ongoing volatility in the currency markets. The PKR’s fluctuating performance underscores the influence of both domestic and international economic factors.
Financial experts suggest that the PKR’s movements are closely tied to the country’s economic policies, foreign exchange reserves, and global economic conditions. Investors and market participants will be keenly watching upcoming economic data and policy announcements for further direction.
