In Wednesday’s interbank session, the Pakistani Rupee (PKR) gained 7.65 paisa (0.03%) against the US Dollar (USD), closing at PKR 277.85 per USD, a slight improvement from the previous day’s close of 277.93. Throughout the trading day, the PKR saw a high bid of 278.00 and a low ask of 277.90. In the open market, the USD was quoted at PKR 276.94 for buying and 278.83 for selling.
Performance Against Major Currencies
The PKR made gains across several major global currencies, marking its lowest rate against the Euro in over a year. The currency appreciated by 84.53 paisa (0.29%) against the Euro, ending at PKR 294.60. Against the British Pound, the PKR saw an increase of 2.15 rupees (0.61%), closing at PKR 353.86.
Other notable gains included a 97.88 paisa (0.31%) increase against the Swiss Franc, settling at PKR 314.43, and a 1.62 paisa (0.90%) appreciation against the Japanese Yen, closing at PKR 1.7914.
However, the PKR did weaken slightly against the Chinese Yuan, declining by 3.41 paisa (0.09%) to close at PKR 38.46. It also saw modest gains of 3.41 paisa (0.05%) against the Saudi Riyal, closing at PKR 73.96, and 2.09 paisa (0.03%) against the UAE Dirham, ending at PKR 75.65.
Yearly and Fiscal Performance
The PKR’s performance in the current fiscal year shows an overall gain of 49.12 paisa (0.18%) against the USD, while the calendar year gain stands at 4.01 rupees (1.44%).
Money Market Update
In the Money Market, the Karachi Interbank Offered Rate (KIBOR) for the six-month tenor remained stable. Both bid and offer rates were unchanged, standing at 13.08% and 13.33%, respectively, reflecting ongoing stability in interbank lending.
Outlook
The PKR’s recent upward movement against key currencies reflects a blend of strong economic fundamentals and favorable global sentiment. With steadying interbank rates and resilience against the USD, the PKR shows potential for sustained strength amid broader fiscal adjustments and economic reforms. As markets continue to respond to global and regional economic cues, the PKR’s stability will likely hinge on trade flows, monetary policies, and ongoing investor sentiment in the coming weeks.
