The Pakistani rupee (PKR) depreciated slightly by 7.41 paisa, or 0.03%, against the US dollar in the interbank market on Monday, closing at PKR 277.71 per USD, compared to the previous close of PKR 277.64. Throughout the trading session, the rupee fluctuated between an intraday high (bid) of 277.85 and a low (ask) of 277.75.
In the open market, exchange companies quoted the dollar at PKR 279.41 for buying and PKR 280.7 for selling.
Against other major currencies, the rupee experienced notable movements. It depreciated by 1.47 rupees against the Euro, closing at PKR 310.66 from the previous PKR 309.19. The British Pound also became more expensive, rising by 87.67 paisa to close at PKR 372.12, compared to PKR 371.25 the day before. The Swiss Franc gained 1.22 rupees, closing at PKR 329.3 from PKR 328.08. The rupee weakened slightly against the Japanese Yen by 1.7 paisa, closing at PKR 1.9499, compared to PKR 1.9329.
The Chinese Yuan remained relatively unchanged, closing at PKR 39.59, and the Saudi Riyal saw a marginal gain of 1.19 paisa, closing at PKR 74.03. The UAE Dirham appreciated by 2.01 paisa, ending at PKR 75.59.
In terms of the current financial year, the rupee has appreciated by 62.81 paisa, or 0.23%, against the US dollar. For the calendar year, it has gained 4.15 rupees, or 1.49%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer Rates (KIBOR) dropped by 23 basis points to 14.95% and 15.2%, respectively.
For the first time, the State Bank of Pakistan (SBP) will repurchase Market Treasury Bills (MTBs) with a target of Rs500 billion. This move, commonly used globally as a liability management tool, will enable the Government of Pakistan to retire its debt before maturity, potentially reducing interest expenses and addressing market distortions.
