In Monday’s interbank session, the Pakistani rupee (PKR) depreciated by 2.27 paisa or 0.01% against the US dollar, settling at PKR 277.66 per USD, compared to the previous closing of PKR 277.64. During the day, the rupee experienced an intraday high bid of PKR 277.75 and a low ask of PKR 277.50.
In the open market, exchange companies reported the dollar at PKR 278 for buying and PKR 279.50 for selling.
Performance Against Other Currencies
Despite the slight depreciation against the dollar, the PKR gained against several major currencies:
- Euro: PKR appreciated by 47.48 paisa, closing at PKR 303.47, down from PKR 303.94.
- British Pound: The PKR decreased by 26.18 paisa, closing at PKR 362.79 compared to PKR 363.05 from the previous session.
- Swiss Franc: The rupee lost 93.52 paisa, closing at PKR 323.12, down from PKR 324.06.
- Japanese Yen: The PKR gained 0.6 paisa, closing at PKR 1.8589 compared to PKR 1.8649.
- Chinese Yuan: The PKR depreciated by 6.62 paisa, closing at PKR 39.22 against PKR 39.28.
- Saudi Riyal: The PKR appreciated by 0.41 paisa, closing at PKR 73.94, unchanged from the previous day.
- U.A.E. Dirham: The PKR also gained by 0.41 paisa, closing at PKR 75.59.
Year-to-Date Performance
In the current financial year, the PKR has appreciated by 68.06 paisa or 0.25% against the US dollar. Additionally, during the current calendar year, the rupee has strengthened by 4.2 rupees, or 1.51%.
Money Market Overview
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates increased by 2 basis points to 14.45% and 14.70%, respectively.
In summary, while the PKR experienced a slight dip against the US dollar, it showed resilience against other major currencies, reflecting a mixed performance in the forex market.
