In the interbank session on Friday, the Pakistani rupee (PKR) appreciated by 20 paisa, or 0.07%, against the US dollar, settling at PKR 277.64 per USD. This marked a slight improvement from the previous closing rate of PKR 277.84. Throughout the trading day, the currency experienced an intraday high (bid) of PKR 277.70 and a low (ask) of PKR 277.50.
Performance in the Open Market
In the open market, exchange companies quoted the US dollar at PKR 276.75 for buying and PKR 278.62 for selling, reflecting the fluctuations in demand and supply dynamics.
PKR Against Major Currencies
- Euro: The rupee depreciated by 50.59 paisa, or 0.17%, closing at PKR 300.59 compared to PKR 300.08 previously.
- British Pound: The PKR appreciated by 20.39 paisa, or 0.06%, closing at PKR 360.20, up from PKR 360.40.
- Swiss Franc: The local currency saw an appreciation of 41.58 paisa, or 0.13%, closing at PKR 320.36.
- Japanese Yen: The PKR’s value decreased by 0.13 paisa, or 0.07%, ending at PKR 1.8269 compared to PKR 1.8256.
- Chinese Yuan: The rupee increased by 9.55 paisa, or 0.24%, closing at PKR 38.98, up from PKR 39.07.
- Saudi Riyal: The local currency rose by 6.50 paisa, or 0.09%, to close at PKR 73.92.
- UAE Dirham: The rupee appreciated by 5.35 paisa, or 0.07%, to close at PKR 75.59.
Year-to-Date Performance
So far this fiscal year, the PKR has increased against the US dollar by 69.89 paisa, or 0.25%. Additionally, it has appreciated by 4.22 rupees, or 1.52%, since the beginning of the calendar year.
Money Market Overview
In the money market, the benchmark 6-month Karachi Interbank Bid and Offer rates experienced a decrease of 19 basis points, settling at 13.87% and 14.12%, respectively.
Conclusion
The recent performance of the Pakistani rupee reflects ongoing adjustments in the forex market amid varying economic conditions. As the currency continues to navigate fluctuations against major global currencies, market participants will be closely monitoring any further developments in exchange rates.
