The Pakistani rupee (PKR) ended Friday’s interbank session with a modest appreciation of 20 paisa or 0.07% against the US dollar (USD), closing at PKR 277.64 compared to the previous close of PKR 277.84. The currency fluctuated throughout the day, with an intraday high (bid) of PKR 277.70 and a low (ask) of PKR 277.50. On a weekly basis, PKR showed minor depreciation, losing 3 paisa or 0.01% against the dollar.
PKR Performance Against Major Currencies
In trading with other global currencies, the PKR experienced mixed results:
- Euro (EUR): PKR depreciated by 50.59 paisa (0.17%) to close at 300.59, down from 300.08.
- British Pound (GBP): PKR appreciated by 20.39 paisa (0.06%), ending at 360.20 compared to 360.40.
- Swiss Franc (CHF): The rupee rose by 41.58 paisa (0.13%), closing at 320.36.
- Japanese Yen (JPY): PKR slipped slightly by 0.13 paisa (0.07%), closing at 1.8269.
- Chinese Yuan (CNY): PKR appreciated by 9.55 paisa (0.24%), ending at 38.98 from 39.07.
- Saudi Riyal (SAR): The currency increased by 6.50 paisa (0.09%), closing at 73.92.
- UAE Dirham (AED): PKR appreciated by 5.35 paisa (0.07%) to 75.59.
Yearly Performance
Since the beginning of the fiscal year, the PKR has gained 69.89 paisa (0.25%) against the US dollar, and it has appreciated by PKR 4.22 (1.52%) thus far in the calendar year.
Money Market Overview
In the money market, the 6-month Karachi Interbank Offered Rate (KIBOR) saw a decrease of 19 basis points, closing at 13.87% (bid) and 14.12% (offer).
The State Bank of Pakistan (SBP) conducted Open Market Operations (OMO) on Friday, infusing a total of Rs4.26 trillion into the market through reverse repos and Shariah-compliant Modarabah, easing liquidity in the banking sector.
The PKR’s recent performance reflects broader economic conditions and currency trends in the region, with slight but significant gains in some areas, though challenges remain in maintaining long-term currency stability amidst fluctuating global market dynamics.
