PAKISTANI RUPEE PKR EXCHANGE RATES: The Pakistani Rupee (PKR) depreciated by 5.01 paisa, or 0.02%, against the US Dollar in Wednesday’s interbank session, closing at PKR 277.72 per USD, compared to the previous close of PKR 277.67. Throughout the day, the rupee fluctuated with an intraday high of PKR 277.80 and a low of PKR 277.70.
In the open market, exchange companies quoted the dollar at PKR 278.50 for both buying and selling.
Pakistan recorded its highest first-quarter remittances, totaling $8.79 billion, a 38.8% increase compared to the $6.33 billion received during the same period in FY24. This surge is attributed to a stable USD to PKR exchange rate and a reduced gap between interbank and open market rates.
PKR Performance Against Other Major Currencies:
- Euro: The rupee gained 77.81 paisa, closing at PKR 304.42 compared to PKR 305.20.
- British Pound: The rupee strengthened by 10.1 paisa, closing at PKR 363.38 versus PKR 363.48.
- Swiss Franc: The rupee depreciated by 96.61 paisa, closing at PKR 324.16 from PKR 325.12.
- Japanese Yen: PKR gained 1.13 paisa, ending at PKR 1.8694 compared to PKR 1.8807.
- Chinese Yuan: The rupee appreciated by 7.4 paisa, closing at PKR 39.31 versus PKR 39.38.
- Saudi Riyal: PKR gained 2.91 paisa, closing at PKR 73.97 from PKR 73.94.
- U.A.E. Dirham: The rupee appreciated by 1.37 paisa, closing at PKR 75.60 compared to PKR 75.61.
So far this financial year, the rupee has appreciated by 62.1 paisa or 0.22% against the US Dollar, while it has gained 4.14 rupees, or 1.49%, since the start of the calendar year.
Money Market Update:
The 6-month Karachi Interbank Bid and Offer Rates (KIBOR) inched down by 1 basis point (bps) to 14.45% and 14.7%, respectively, reflecting stability in the money market.
