On Wednesday, the Pakistani Rupee (PKR) slightly weakened by 9 paisa (0.03%) against the US Dollar in the interbank market, closing at PKR 278.04 per USD, compared to the previous closing of PKR 277.95.
Interbank Market Highlights
- Intraday Movement:
- High (Bid): PKR 278.10
- Low (Ask): PKR 277.90
Open Market Rates
- Dollar:
- Buying: PKR 276.50
- Selling: PKR 279.00
Performance Against Other Major Currencies
- Euro: Appreciated 21.06 paisa (0.07%) to close at PKR 293.96 (previously PKR 294.17).
- British Pound: Depreciated 73.96 paisa (0.21%), closing at PKR 352.92 (previously PKR 352.18).
- Swiss Franc: Strengthened 14.71 paisa (0.05%) to PKR 314.33 (previously PKR 314.48).
- Japanese Yen: Gained 1.34 paisa (0.74%), ending at PKR 1.7858 (previously PKR 1.7992).
- Chinese Yuan: Declined 0.90 paisa (0.02%), settling at PKR 38.39 (previously PKR 38.38).
- Saudi Riyal: Depreciated 1.91 paisa (0.03%) to PKR 74.06.
- U.A.E Dirham: Fell by 2.35 paisa (0.03%), closing at PKR 75.70.
Year-to-Date Performance
- Against the US Dollar:
- Fiscal Year 2023-24: Appreciated 29.89 paisa (0.11%).
- Calendar Year 2023: Strengthened by 3.82 rupees (1.37%).
Money Market Update
The 6-Month Karachi Interbank Bid and Offer Rates (KIBOR) remained unchanged at:
- Bid: 13.39%
- Offer: 13.64%
The PKR continues to show resilience against major currencies in a volatile exchange rate environment. However, pressure on the local unit remains due to external debt obligations and fluctuating global economic trends.
