The Pakistani Rupee (PKR) posted a slight gain against the US Dollar during Monday’s interbank session, appreciating by 7.65 paisa (0.03%) to close at PKR 277.97 per USD, compared to the previous closing of 278.05. The local currency showed resilience against major global currencies as well, reflecting a stable outlook amidst fluctuating market conditions.
Interbank Market Performance
- Intraday High (Bid): 278.00
- Intraday Low (Ask): 277.90
Open Market Rates
- Buying: PKR 276.60
- Selling: PKR 279.10
Performance Against Major Currencies
The PKR strengthened against several major global currencies, showcasing its broad-based stability:
| Currency | Change | Closing Rate |
|---|---|---|
| Euro | +2.00 PKR (+0.68%) | 292.00 |
| British Pound | +79.22 paisa (+0.22%) | 352.71 |
| Swiss Franc | +1.21 PKR (+0.38%) | 314.24 |
| Japanese Yen | +0.19 paisa (+0.10%) | 1.8506 |
| Chinese Yuan | +23.13 paisa (+0.60%) | 38.22 |
| Saudi Riyal | +2.53 paisa (+0.03%) | 73.99 |
| U.A.E Dirham | +1.88 paisa (+0.02%) | 75.68 |
Year-to-Date Appreciation
- Fiscal Year 2024: PKR appreciated 36.77 paisa (0.13%) against the US Dollar.
- Calendar Year 2024: PKR gained 3.89 PKR (1.40%) against the US Dollar.
Money Market Update
In the money market, the 6-Month Karachi Interbank Bid and Offer Rates (KIBOR) saw a decrease:
- Bid Rate: Down by 8bps to 12.34%.
- Offer Rate: Down by 8bps to 12.59%.
Outlook and Implications
The PKR’s modest appreciation reflects positive sentiment in the currency market, supported by improved inflows and a stable macroeconomic environment. However, external pressures like global market volatility and geopolitical uncertainties could challenge this trend.
