The Pakistani rupee (PKR) weakened by 8.17 paisa, or 0.03%, against the US dollar during Tuesday’s interbank session, settling at PKR 277.74 per USD, down from the previous close of PKR 277.66. Throughout the day, the rupee fluctuated between an intraday high bid of PKR 277.85 and a low ask of PKR 277.75.
In the open market, exchange companies quoted the dollar at PKR 278.00 for buying and PKR 279.50 for selling, reflecting a slight depreciation in the currency’s value.
PKR’s Mixed Performance Against Major Currencies
In comparison with major global currencies, the rupee showed mixed performance:
- Euro: PKR appreciated by 42.46 paisa or 0.14%, closing at PKR 303.04 compared to the previous rate of PKR 303.47.
- British Pound: The local currency fell by 42.61 paisa or 0.12%, ending the session at PKR 363.22, down from PKR 362.79.
- Swiss Franc: PKR gained 67.43 paisa or 0.21%, closing at PKR 322.45.
- Japanese Yen: The rupee depreciated by 0.43 paisa or 0.23%, settling at PKR 1.8632 versus the previous value of PKR 1.8589.
- Chinese Yuan: The local currency strengthened by 17.73 paisa or 0.45%, reaching PKR 39.04, up from PKR 39.22.
- Saudi Riyal: PKR fell slightly by 3.75 paisa or 0.05%, closing at PKR 73.98.
- U.A.E. Dirham: The rupee depreciated by 2.32 paisa or 0.03%, ending the session at PKR 75.62.
Year-to-Date Performance
So far in the current fiscal year, the PKR has appreciated against the US dollar by 59.89 paisa or 0.22%. Additionally, it has risen by PKR 4.12 or 1.48% since the beginning of the calendar year.
Money Market Update
In the Money Market, the 6-month Karachi Interbank Bid and Offer Rates (KIBOR) saw a slight decline, with the bid rate dropping by 4 basis points to 14.41% and the offer rate to 14.66%.
This performance reflects ongoing market adjustments as the rupee faces pressure from global currencies amid domestic and international financial conditions.
