The Pakistani Rupee (PKR) depreciated by 4.32 paisa or 0.02% against the US dollar in Wednesday’s interbank session, closing at PKR 277.85 per USD compared to the previous rate of 277.8.
PKR INTRADAY MOVEMENTS AND OPEN MARKET RATES
Throughout the day, the rupee saw an intraday high (bid) of 277.95 and a low (ask) of 277.85. In the open market, exchange companies quoted the US dollar at PKR 279.06 for buying and PKR 280.45 for selling.
PKR LOSES AGAINST MAJOR CURRENCIES
In comparison to major currencies, PKR experienced notable depreciation:
- Euro: PKR dropped by 1.63 rupees, closing at PKR 310.95, compared to the previous 309.32.
- British Pound: PKR lost 1.03 rupees, closing at PKR 372.05, compared to 371.02.
- Swiss Franc: The Swiss currency gained 1.14 rupees, closing at PKR 328.95, up from 327.81.
- Japanese Yen: PKR depreciated by 0.59 paisa, closing at 1.9306 versus 1.9247 previously.
MINOR GAINS FOR PKR AGAINST CHINESE YUAN AND GULF CURRENCIES
While PKR saw losses against most major currencies, it gained slightly against the Chinese Yuan and Gulf currencies:
- Chinese Yuan: Gained 10.21 paisa, closing at PKR 39.58 from 39.48.
- Saudi Riyal: Closed at PKR 74.05, gaining 0.46 paisa from the previous session.
- U.A.E Dirham: Increased by 1.18 paisa, closing at PKR 75.63 compared to 75.65.
YEAR-TO-DATE PERFORMANCE OF PKR AGAINST USD
During the current financial year, PKR has appreciated by 49.51 paisa or 0.18% against the US dollar. Since the start of the calendar year, the currency has gained 4.01 rupees or 1.44%.
MONEY MARKET UPDATE
In the money market, the benchmark 6-month Karachi Interbank Bid and Offer Rates (KIBOR) fell by 10 basis points, closing at 15.83% and 16.08%, respectively.
