The Pakistani Rupee (PKR) saw a minor decline against the US Dollar (USD) in Tuesday’s interbank session, dropping by 6.55 paisa (0.02%) to close at PKR 277.93 per USD. This marks a slight decrease from the previous day’s closing value of 277.86. The PKR recorded an intraday high (bid) of 278.05 and a low (ask) of 277.95 during the session. In the open market, the dollar was quoted at PKR 276.83 for buying and 278.74 for selling.
PKR Strengthens Against Euro, Pound, and Other Major Currencies
Despite the dip against the USD, the PKR showed gains against several major currencies. The local currency appreciated by 1.57 rupees (0.53%) against the Euro, closing at PKR 295.45, up from 297.02. Similarly, the PKR gained 2.25 rupees (0.63%) against the British Pound, finishing the day at PKR 356.01 compared to 358.26.
In other performances, the PKR strengthened by 1.04 rupees (0.33%) against the Swiss Franc to end at PKR 315.41. The currency also showed a slight increase of 23.69 paisa (0.61%) against the Chinese Yuan, closing at PKR 38.42, an improvement from 38.66.
Stable Performance Against Yen, Slight Drop Against Gulf Currencies
Against the Japanese Yen, the PKR remained stable at 1.8076, showing no change from the previous day. However, the currency fell marginally against the Saudi Riyal, decreasing by 1.35 paisa (0.02%) to settle at PKR 73.99. Similarly, the PKR weakened by 1.89 paisa (0.02%) against the UAE Dirham, ending the session at PKR 75.67.
Yearly and Fiscal Year Performance
Since the start of the current fiscal year, the PKR has appreciated by 41.47 paisa (0.15%) against the USD. In the ongoing calendar year, it has risen by 3.93 rupees (1.42%) against the dollar, signaling modest stability in the face of fluctuating economic pressures.
Money Market Update: KIBOR Rates Edge Lower
In the Money Market, the benchmark Karachi Interbank Offered Rate (KIBOR) for the six-month tenor saw a minor decline. The bid and offer rates inched down by 1 basis point, with the rates settling at 13.08% and 13.33%, respectively. The slight adjustment reflects market expectations on lending conditions amid ongoing economic factors.
Outlook
The Pakistani Rupee’s mixed performance against major currencies demonstrates a blend of stability and strategic response to both regional and global economic factors. The US Dollar’s slight gain against the PKR reflects prevailing global dollar strength, while the PKR’s appreciation against the Euro and Pound may indicate resilience in regional trading dynamics. As market players keep an eye on international monetary policy adjustments and local economic data, the PKR is likely to remain influenced by global economic cues and domestic fiscal developments.
