In Wednesday’s interbank trading session, the Pakistani Rupee (PKR) appreciated by 8.47 paisa or 0.03% against the US Dollar, settling at PKR 278.04 per USD compared to the previous closing of PKR 278.13. During the session, the currency experienced an intraday high (bid) of 278.20 and a low (ask) of 278.
OPEN MARKET RATES
In the open market, exchange companies quoted the US Dollar at PKR 279.6 for buying and PKR 280.75 for selling.
ECONOMIC HIGHLIGHTS
- Current Account Surplus: Pakistan recorded a current account surplus of $75 million, reversing the trend of three consecutive monthly deficits.
- Foreign Direct Investment (FDI): FDI reached $214 million in August, marking a 50.7% increase from $142 million in the same period last year.
- REER Index: The Real Effective Exchange Rate (REER) index for PKR decreased to 100.16 in August.
CURRENCY PERFORMANCE AGAINST MAJOR CURRENCIES
- Euro: PKR lost 18.38 paisa, closing at PKR 309.47 compared to the previous value of PKR 309.29.
- British Pound: The Pound increased by 38.88 paisa, closing at PKR 366.97 from PKR 366.59.
- Swiss Franc: PKR fell by 25.64 paisa, ending at PKR 329.18 compared to PKR 329.44.
- Japanese Yen: PKR gained 2.88 paisa, closing at PKR 1.9592 versus PKR 1.988.
- Chinese Yuan: PKR appreciated by 0.35 paisa, closing at PKR 39.21.
- Saudi Riyal: PKR closed at PKR 74.08, down by 2.85 paisa from PKR 74.11.
- U.A.E Dirham: The Dirham decreased by 2.31 paisa, closing at PKR 75.72.
YEAR-TO-DATE PERFORMANCE
In the current financial year, PKR has appreciated by 29.89 paisa or 0.11% against the USD. For the calendar year, PKR has strengthened by 3.82 rupees or 1.37%.
MONEY MARKET UPDATE
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates decreased by 5 basis points, standing at 16.77% and 17.02%, respectively.