In today’s session on Wednesday, the Pakistani Rupee (PKR) showcased a commendable appreciation against the US Dollar in the interbank market. The PKR settled the trade at 279.67 per USD, marking an improvement from the previous session’s close of 279.79 per USD. This gain of 11.9 paisa signifies a positive shift in the currency’s value.
During the session, the PKR reached an intraday high (bid) of 279.9 and a low (ask) of 279.6, reflecting moderate volatility in its trading range.
The open market also mirrored these trends, with exchange companies quoting the dollar at 278.81 for buying and 280.86 for selling, indicating a competitive trading environment.
PKR’S PERFORMANCE AGAINST OTHER MAJOR CURRENCIES
The Pakistani Rupee also registered gains against several other major currencies. It appreciated by 82.89 paisa against the Euro, closing at 304.2, down from the previous value of 305.03. This improvement indicates a stronger position of PKR in the European market.
In dealings with the British Pound, the Rupee strengthened, as the Pound became cheaper by 71.09 paisa, closing at 355.63 compared to 356.34 from a day ago. This trend highlights PKR’s resilience in the face of global currency fluctuations.
Further, the Swiss Franc experienced a decline of 30.45 paisa against the PKR, closing at 322.32, down from 322.62 in the previous session.
In its exchange with the Japanese Yen, the PKR witnessed a marginal gain of 0.58 paisa, closing at 1.8935 versus 1.8993 a day ago. Similarly, the Chinese Yuan saw a slight appreciation of 0.74 paisa, closing at 39.03.
On the contrary, the PKR recorded a decrease against the Middle Eastern currencies. The Saudi Riyal closed at 74.57, down by 2.88 paisa from its previous value of 74.6. The U.A.E Dirham also saw a depreciation of 3.34 paisa, settling at 76.18 from 76.14 a day ago.
YEARLY FINANCIAL OUTLOOK
Reflecting on the current financial year, the PKR has appreciated against the Dollar by 6.32 rupees or 2.26%. In the current calendar year, it has seen an appreciation of 2.19 rupees or 0.78%.
MONEY MARKET MOVEMENTS
In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates experienced a slight decrease by 3 basis points (bps), positioning at 20.57% and 20.82% respectively.
