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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.

ALI

ALI

Experienced Senior Research Analyst

SIKANDER RAZA

SIKANDER RAZA

Sikander Raza, a Senior Technical Analyst

HAMZA SALEEM

HAMZA SALEEM

Hamza Saleem, a Senior Business Analyst

IRSA

IRSA

Irsa Sajjad, as a Research Analyst for Equities

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