In Wednesday’s interbank session, the Pakistani rupee (PKR) remained largely stable against the US dollar, closing at PKR 277.73 per USD, a slight decrease from the previous day’s closing of PKR 277.74. Throughout the trading day, the currency experienced an intraday high (bid) of PKR 277.80 and a low (ask) of PKR 277.70.
Open Market Rates
In the open market, exchange companies quoted the dollar at PKR 276.94 for buying and PKR 278.72 for selling, indicating a slight divergence from interbank rates.
Performance Against Major Currencies
The PKR demonstrated notable strength against several major currencies:
- Euro: The rupee appreciated by PKR 1.44, or 0.48%, closing at PKR 299.46 compared to the previous value of PKR 300.90.
- British Pound: The PKR gained PKR 1.07, or 0.30%, settling at PKR 360.07 against the previous day’s rate of PKR 361.14.
- Swiss Franc: The local currency rose PKR 1.05, or 0.33%, to close at PKR 320.06.
- Japanese Yen: The rupee’s value increased by 1.86 paisa, or 1.01%, closing the session at PKR 1.8229, up from PKR 1.8415.
- Chinese Yuan: The PKR gained 2.40 paisa, or 0.06%, closing at PKR 38.98 from PKR 39.00.
- Saudi Riyal: The local currency saw a slight decrease of 0.93 paisa, or 0.01%, closing at PKR 73.96.
- UAE Dirham: The PKR appreciated by 0.25 paisa, remaining virtually unchanged at PKR 75.61.
Year-to-Date Performance
During the current fiscal year, the PKR has strengthened against the US dollar by 61.31 paisa, or 0.22%. In the calendar year-to-date, the rupee has appreciated by PKR 4.13, or 1.49%, showcasing a positive trend amidst fluctuating market conditions.
Money Market Update
In the money market, the benchmark 6-Month Karachi Interbank Bid and Offer rates fell by 10 basis points, closing at 14.18% and 14.43%, respectively.
Conclusion
Overall, the Pakistani rupee exhibited resilience in Wednesday’s trading session, maintaining stability against the US dollar while showing appreciation against various major currencies. This stability may provide a degree of confidence for traders and investors in the current economic environment, as the PKR continues to navigate through evolving market dynamics.
