PAKISTANI RUPEE EXCHANGE RATES: The Pakistani rupee (PKR) weakened by 2.78 paisa or 0.01% against the US dollar during Tuesday’s interbank trading session, closing at PKR 277.67 per USD compared to the previous day’s closing rate of 277.64. Throughout the day, the rupee experienced fluctuations, with an intraday high (bid) of 277.80 and a low (ask) of 277.70.
Open Market Exchange Rates
In the open market, exchange companies quoted the US dollar at PKR 278.3 for buying and PKR 279.69 for selling, reflecting slight variation from the interbank market.
Performance Against Other Major Currencies
The PKR also saw movement against several major currencies. The most notable changes included:
- Euro: PKR lost 72.47 paisa, closing at 305.2, compared to the previous rate of 304.48.
- British Pound: The rupee strengthened by 40.78 paisa, with the closing rate at 363.48, down from 363.89.
- Swiss Franc: PKR depreciated by Rs1.43, closing at 325.12, compared to 323.69 in the previous session.
- Japanese Yen: The currency lost 0.8 paisa, closing at 1.8807 compared to 1.8727 a day ago.
- Chinese Yuan: The rupee lost 17.39 paisa, closing at 39.38 from 39.56 in the previous session.
- Saudi Riyal: PKR gained 2.51 paisa, closing at 73.94 from 73.92 a day earlier.
- U.A.E Dirham: The rupee gained 1.17 paisa, closing at 75.59 compared to the previous day’s 75.6.
PKR Performance Year-to-Date
Despite the rupee’s depreciation against the US dollar in the latest session, the local currency has appreciated by 67.11 paisa or 0.24% during the current financial year. On a calendar-year basis, PKR has appreciated by Rs4.19 or 1.51% against the dollar.
Money Market Update
In the money market, the Karachi Interbank Bid and Offer Rates (KIBOR) for six months inched higher by 2 basis points. The bid rate rose to 14.46%, while the offer rate increased to 14.71%.
Conclusion
The Pakistani rupee exhibited mixed performance on Tuesday, with minor depreciation against the US dollar and other major currencies such as the Euro and Yen, while showing gains against the British Pound, Saudi Riyal, and U.A.E Dirham. The currency’s future trajectory remains influenced by both local market conditions and global economic factors.
