The Pakistani rupee (PKR) gained strength on Thursday, appreciating by 12.91 paisa or 0.05% against the US dollar in the interbank market. The currency closed the session at PKR 277.91 per USD, improving from its previous close of 278.04.
Throughout the day, PKR showed an intraday high (bid) of 278.10 and a low (ask) of 277.90, reflecting slight fluctuations in the exchange rate.
PKR OPEN MARKET EXCHANGE RATES
In the open market, exchange companies quoted the US dollar at 279.48 for buying and 280.70 for selling, maintaining a stable range for the day.
PKR PERFORMANCE AGAINST MAJOR CURRENCIES
The Pakistani rupee showed mixed performance against other major currencies. The currency lost 35.67 paisa against the Euro, closing at 309.83 compared to 309.47 on the previous day.
- The British Pound surged by PKR 1.22, closing at 368.19 from 366.97.
- PKR gained 0.86 paisa against the Japanese Yen, ending at 1.9506 versus 1.9592.
- The Swiss Franc saw a decrease of 61.95 paisa, closing at 328.56 from 329.18.
- The Chinese Yuan appreciated by 9.6 paisa, closing at 39.31 compared to 39.21 a day earlier.
GULF CURRENCY COMPARISON: PKR STABILITY
Among Gulf currencies, the Pakistani rupee remained largely stable:
- The Saudi Riyal closed at 74.06, losing 2.06 paisa from its previous value of 74.08.
- The UAE Dirham depreciated slightly, closing at 75.70 after shedding 3.51 paisa.
PKR APPRECIATION IN CURRENT FINANCIAL YEAR
During the ongoing financial year, the Pakistani rupee has appreciated by 42.8 paisa or 0.15% against the US dollar. On a calendar year basis, PKR has gained 3.95 rupees or 1.42%.
MONEY MARKET UPDATE: KARACHI INTERBANK RATES SLUMP
In the money market, the benchmark 6-month Karachi Interbank Bid and Offer Rates (KIBOR) fell sharply by 57 basis points. The rates settled at 16.20% for the bid and 16.45% for the offer, reflecting a cooling in the money market environment.
