On Tuesday, the Pakistani rupee (PKR) recorded a minor decline against the US dollar in the interbank market, slipping by 6.11 paisa, or 0.02 percent, to close at PKR 277.74 per USD. This change was small but notable given the currency’s relatively stable trend recently, closing slightly down from its previous rate of PKR 277.68. Throughout the trading day, the rupee varied slightly, reaching an intraday peak (bid) of PKR 277.80 and a low (ask) of PKR 277.70.
Open Market Exchange Rates
In the open market, exchange companies quoted the dollar with a buying rate of PKR 277.60 and a selling rate of PKR 277.80, remaining close to the interbank rates.
Performance Against Major International Currencies
The Pakistani rupee showed mixed movement against other major currencies. It depreciated against several currencies, including the Euro, British Pound, Swiss Franc, and Japanese Yen, while appreciating slightly against the Chinese Yuan. Here’s a summary of its performance:
- Euro: PKR depreciated by 27.43 paisa, or 0.09 percent, closing at PKR 300.24 from the previous rate of PKR 299.97.
- British Pound: The rupee weakened by 34.30 paisa, or 0.10 percent, reaching PKR 360.40 compared to PKR 360.06 a day earlier.
- Swiss Franc: The largest decline was against the Swiss Franc, where the PKR lost 62.46 paisa, a 0.20 percent decrease, settling at PKR 320.63.
- Japanese Yen: A minor drop of 0.14 percent, or 0.26 paisa, left the rupee at PKR 1.8131 compared to the previous value of PKR 1.8105.
- Chinese Yuan: The rupee appreciated by 5.52 paisa, or 0.14 percent, closing at PKR 38.89 from 38.95.
- Saudi Riyal: The PKR slightly weakened by 1.43 paisa, or 0.02 percent, to close at PKR 73.95.
- U.A.E. Dirham: The rupee declined by 1.66 paisa, or 0.02 percent, ending at PKR 75.62.
Year-to-Date Summary
During the current fiscal year, the rupee has seen an overall appreciation against the US dollar, gaining 59.89 paisa, or 0.22 percent. So far in the calendar year, it has strengthened by 4.12 rupees, marking a 1.48 percent increase.
Money Market Movement
In the money market, the benchmark Karachi Interbank Bid and Offer rates (KIBOR) for the 6-month tenor saw an 8 basis point decline. The bid rate settled at 13.75 percent, and the offer rate closed at 14.00 percent. The drop in KIBOR reflects a slight softening in lending rates, potentially driven by the central bank’s policy outlook.
