In Wednesday’s interbank session, the Pakistani rupee (PKR) experienced a depreciation of 8.08 paisa against the US dollar, settling at PKR 277.92 per USD. This marks a slight decline compared to the previous session’s closing of PKR 277.84 per USD.
Throughout the trading day, the currency ranged from an intraday high (bid) of 278.1 to a low (ask) of 278. Meanwhile, in the open market, exchange companies quoted the dollar at 277.8 for buying and 278 for selling.
PKR INTERBANK EXCHANGE RATES ON APRIL 03, 2024
| Country (Symbol) | Rate |
|---|---|
| United States (USD) | 277.92 |
| Eurozone (EUR) | 299.34 |
| United Kingdom (GBP) | 349.34 |
| Japan (JPY) | 1.8321 |
| United Arab Emirates (AED) | 75.67 |
| Saudi Arabia (SAR) | 74.10 |
| Australia (AUD) | 180.92 |
| Canada (CAD) | 204.67 |
The country’s trade woes persist, with the trade deficit for March widening by 24.56% month-on-month to $2.17 billion, a significant increase from the negative balance of $1.74 billion recorded in February 2024. This trend is attributed to a marginal drop in exports coupled with a rise in imports.
In comparison to major currencies, the PKR faced losses across the board:
- Against the Euro, PKR depreciated by 92.05 paisa, closing at 299.34 compared to the previous value of 298.42.
- The British Pound became pricier by 47.66 paisa, closing at 349.24 compared to 348.77 from the previous day.
- PKR saw losses against the Swiss Franc, closing at 305.97 compared to 306.07 from the previous session, marking a decline of 9.64 paisa.
- Against the Japanese Yen, PKR experienced a marginal depreciation of 0.06 paisa, closing at 1.8321 versus 1.8315 a day ago.
- However, the Chinese Yuan gained 0.9 paisa, closing at 38.41 against 38.4 from the previous session.
- The Saudi Riyal closed at 74.1 with a gain of 2.15 paisa from its value of 74.07 a day ago.
- Similarly, the U.A.E Dirham increased in value by 2.2 paisa from 75.67 a day ago to 75.65.
PKR OPEN MARKET RATES: APRIL 3, 2024
Despite these fluctuations, the current financial year has seen PKR appreciate against the Dollar by 8.07 rupees or 2.91%, while the current calendar year has witnessed a gain of 3.94 rupees or 1.42%.
In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates remained unchanged at 21.41% and 21.66%.
