The Pakistani rupee (PKR) saw a minor depreciation of 3.1 paisa (0.01%) against the US dollar during Monday’s interbank session, closing at PKR 277.87 per USD, compared to the previous close of 277.84. The rupee experienced an intraday high of 278 and a low of 277.85.
In the open market, exchange companies quoted the dollar at 279.41 for buying and 280.7 for selling.
PKR MAKES GAINS AGAINST MAJOR CURRENCIES
While the rupee lost ground against the US dollar, it appreciated against other major currencies:
- Euro: Gained 1.79 rupees, closing at PKR 308.41 compared to 310.19.
- British Pound: Decreased by 1.29 rupees, closing at PKR 368.52 compared to 369.82.
- Swiss Franc: Lost 1.39 rupees, closing at PKR 326.42 versus 327.81.
- Japanese Yen: Gained 0.04 paisa, closing at 1.935.
- Chinese Yuan: Lost 2.41 paisa, closing at 39.37.
- Saudi Riyal: Closed at 74.05 with a gain of 0.83 paisa.
- U.A.E. Dirham: Increased by 0.85 paisa, closing at 75.64.
PKR PERFORMANCE IN 2024
Since the beginning of the current financial year, the PKR has appreciated against the US dollar by 47.23 paisa (0.17%). On a calendar-year basis, the PKR has strengthened by 3.99 rupees (1.44%) against the dollar.
MONEY MARKET UPDATE
In the money market, the Karachi Interbank Bid and Offer rates (KIBOR) for the benchmark 6-month tenor dropped by 8 basis points, with the bid rate at 15.96% and the offer rate at 16.21%.
