The Pakistani rupee (PKR) experienced a slight dip against the US dollar in Tuesday’s interbank session, weakening by 5 paisa or 0.02% to settle at PKR 277.74 per USD, compared to the previous day’s closing rate of PKR 277.69. The local currency traded within a range, hitting an intraday high of PKR 277.80 and a low of PKR 277.70 during the day.
Performance Against Major Currencies
While the PKR weakened marginally against the US dollar, it demonstrated mixed performance when compared to other major currencies:
- Euro (EUR): The rupee appreciated by 37.62 paisa or 0.12%, closing at PKR 300.90, compared to the previous day’s value of PKR 301.28.
- British Pound (GBP): Similarly, the PKR gained 42.09 paisa or 0.12% against the British pound, finishing the day at PKR 361.14 versus PKR 361.56 on Monday.
- Swiss Franc (CHF): The rupee lost ground against the Swiss franc, falling by 9.50 paisa or 0.03% to close at PKR 321.10.
- Japanese Yen (JPY): The PKR saw a notable improvement against the Japanese yen, strengthening by 1.17 paisa or 0.63% to end at PKR 1.8415 compared to PKR 1.8532 a day earlier.
- Chinese Yuan (CNY): The local currency also gained against the Chinese yuan, appreciating by 2.91 paisa or 0.07%, closing at PKR 39.00.
- Saudi Riyal (SAR): The rupee weakened by 1.14 paisa or 0.02%, ending the session at PKR 73.95 against the Saudi riyal.
- U.A.E Dirham (AED): Similarly, PKR lost 1.36 paisa or 0.02% against the U.A.E dirham, closing at PKR 75.61.
PKR Performance in Fiscal and Calendar Year
Despite the marginal decline against the US dollar in the latest session, the rupee has shown overall strength in both the current fiscal and calendar year:
- Fiscal Year Performance: Since the beginning of the fiscal year, the rupee has appreciated by 60.38 paisa or 0.22% against the US dollar.
- Calendar Year Performance: The PKR has risen by Rs4.12 or 1.48% against the dollar so far in 2024.
Outlook
The PKR’s performance against global currencies remains varied, reflecting both local and international economic factors. While the rupee continues to see slight fluctuations against the US dollar and other currencies, its broader outlook in the current fiscal and calendar year appears positive. The government’s efforts to stabilize the currency, paired with market dynamics, will be key in shaping the rupee’s future trajectory.
