The Pakistani Rupee (PKR) depreciated by 10 paisa or 0.04% against the US dollar in Wednesday’s interbank session, closing at PKR 277.84 per USD, compared to the previous day’s rate of PKR 277.74. Throughout the trading session, the currency fluctuated, reaching an intraday high of PKR 277.95 and a low of PKR 277.85.
In the open market, exchange companies quoted the US dollar at PKR 277.85 for buying and PKR 279.25 for selling.
PKR Performance Against Major Currencies:
- Euro: The PKR appreciated by 71.06 paisa or 0.23%, closing at PKR 302.33 compared to the previous rate of PKR 303.04.
- British Pound: The local currency gained Rs2.12 or 0.58%, settling at PKR 361.10 versus PKR 363.22 a day ago.
- Swiss Franc: PKR strengthened by 46.33 paisa or 0.14%, closing at PKR 321.99.
- Japanese Yen: PKR rose by 0.39 paisa or 0.21%, ending the session at PKR 1.8593 against PKR 1.8632 previously.
- Chinese Yuan: The local currency appreciated slightly by 0.65 paisa or 0.02%, closing at PKR 39.03 from PKR 39.04.
- Saudi Riyal: The PKR weakened by 2.46 paisa or 0.03%, closing at PKR 74.00.
- UAE Dirham: PKR fell by 2.73 paisa or 0.04%, settling at PKR 75.64.
PKR Performance in FY24 and CY24:
Since the beginning of the current fiscal year, the rupee has appreciated by 49.89 paisa or 0.18% against the US dollar. Meanwhile, for the calendar year so far, the PKR has gained Rs4.02 or 1.45%.
Money Market Update:
In the money market, the benchmark 6-month Karachi Interbank Bid and Offer rates (KIBOR) slightly decreased by 1 basis point, with the bid rate at 14.4% and the offer rate at 14.65%.
This slight depreciation of the rupee reflects the broader trends in currency trading, with fluctuations influenced by global currency movements and domestic economic factors.
