In a modest gain, the Pakistani rupee (PKR) appreciated by 15 paisa, or 0.05%, against the US dollar during Friday’s interbank trading session, closing at PKR 277.70 per USD, compared to the previous close of 277.85. The currency traded with slight fluctuations, reaching an intraday high (bid) of 277.85 and a low (ask) of 277.75. Over the week, however, the rupee saw a minor decline, losing 6 paisa, or 0.02%, against the dollar.
Open Market Performance
In the open market, exchange companies quoted the dollar at PKR 276.87 for buying and PKR 278.78 for selling. This slight variation from the interbank rate is common as open-market exchange rates typically reflect broader currency demand trends.
PKR Performance Against Major Currencies
The Pakistani rupee demonstrated mixed performance across other major currencies. Here’s a summary:
- Euro (EUR): The rupee saw a marginal decline of 10.10 paisa, or 0.03%, against the Euro, closing at PKR 301.79 compared to the previous 301.69.
- British Pound (GBP): The rupee rose by 2.97 rupees, or 0.82%, to PKR 358.05 against the pound, compared to the previous value of PKR 361.02.
- Swiss Franc (CHF): The rupee gained 1.47 rupees, or 0.46%, closing at PKR 319.65.
- Japanese Yen (JPY): The rupee rose by 0.65 paisa, or 0.36%, to end at PKR 1.8195 per yen from 1.8260.
- Chinese Yuan (CNY): The rupee appreciated by 4.62 paisa, or 0.12%, reaching PKR 38.98 from 39.03.
- Saudi Riyal (SAR): The rupee strengthened by 3.80 paisa, or 0.05%, closing at PKR 73.94.
- UAE Dirham (AED): The rupee increased by 4.08 paisa, or 0.05%, reaching PKR 75.61.
Year-to-Date Performance
So far in the current fiscal year, the rupee has gained 64.12 paisa, or 0.23%, against the US dollar, while for the calendar year, the increase has been a more substantial 4.16 rupees, or 1.50%.
Money Market Update
In the money market, the 6-month Karachi Interbank Bid and Offer rates showed slight easing, dropping by 13 basis points to 13.18% and 13.43%, respectively. The State Bank of Pakistan (SBP) also conducted a significant Open Market Operation (OMO) on Friday, injecting a total of Rs4.31 trillion into the banking system through reverse repo and Shariah-compliant Modarabah mechanisms.
