On Tuesday, the Pakistani Rupee (PKR) appreciated by 6.6 paisa or 0.02% against the US dollar, closing the interbank session at PKR 277.8 per USD, up from the previous day’s close of 277.87. During the session, the rupee reached an intraday high of 277.95 and a low of 277.85.
OPEN MARKET USD RATES SEE SLIGHT MOVEMENT
In the open market, exchange companies quoted the dollar at 279.41 for buying and 280.7 for selling, reflecting stability in the exchange rate with only minor fluctuations.
PKR LOSES GROUND AGAINST EURO, BRITISH POUND, AND OTHER MAJOR CURRENCIES
While the rupee made gains against the US dollar, it depreciated against other major currencies:
- Against the Euro, the PKR dropped by 91.3 paisa, closing at 309.32 compared to 308.41 the previous day.
- The British Pound also became more expensive, with the rupee losing 2.5 rupees, closing at 371.02 compared to 368.52.
- The Swiss Franc gained 1.39 rupees, settling at 327.81, up from 326.42 in the prior session.
PKR GAINS AGAINST JAPANESE YEN AND CHINESE YUAN
The PKR showed mixed results against Asian currencies:
- Against the Japanese Yen, the rupee appreciated by 1.03 paisa, closing at 1.9247 compared to 1.935 a day ago.
- The Chinese Yuan gained 10.84 paisa, closing at 39.48 versus 39.37 from the previous session.
MARGINAL MOVEMENTS IN SAUDI RIYAL AND UAE DIRHAM
The Saudi Riyal remained mostly unchanged, closing at 74.05, while the U.A.E. Dirham saw a minor depreciation, closing at 75.65, down 1.8 paisa from the previous day’s value of 75.63.
PKR PERFORMANCE DURING THE FINANCIAL AND CALENDAR YEAR
Throughout the current financial year, the PKR has appreciated by 53.83 paisa or 0.19% against the US dollar. Over the current calendar year, the rupee has appreciated by 4.06 rupees or 1.46%, reflecting a stronger performance amid economic challenges.
MONEY MARKET RATES INCH LOWER
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer Rates (KIBOR) edged down by 3 basis points (bps), with the bid rate closing at 15.93% and the offer rate at 16.18%.
