The Pakistani rupee (PKR) maintained its stability against the US Dollar throughout March, closing the month with a slight uptick of 1.16 rupees to settle at PKR 277.95 per USD. In Friday’s trading session alone, the local currency witnessed an appreciation of 8.61 paisa against the greenback. A day earlier!
PKR INTERBANK EXCHANGE RATES ON MARCH 29, 2024
USD TO PKR Country (Symbol) Rate United States (USD) 277.95 Eurozone (EUR) 299.56 United Kingdom (GBP) 350..87 Japan (JPY) 1.8362 United Arab Emirates (AED) 75.69 Saudi Arabia (SAR) 74.11 Australia (AUD) 180.89 Canada (CAD) 205.13
During today’s trading session, PKR fluctuated within a range, hitting an intraday high bid of 278.45 and a low ask of 280.41.
In the open market, exchange companies quoted the dollar at 278.04 for buying and 282.5 for selling, reflecting the ongoing dynamics in the forex market.
Compared to other major currencies, PKR showcased mixed performance. Against the Euro, the Pakistani rupee gained 44.04 paisa, closing at 299.56. Conversely, the British Pound saw a slight increase of 28.05 paisa, settling at 350.87. The Swiss franc experienced gains of 1.44 rupees, closing at 308.28, while PKR gained 0.02 paisa against the Japanese Yen, closing at 1.8362. The Chinese Yuan saw a marginal increase of 0.6 paisa, closing at 38.48.
However, PKR experienced a slight depreciation against certain currencies. The Saudi Riyal closed at 74.11, witnessing a loss of 2 paisa, while the U.A.E Dirham decreased by 2.65 paisa to close at 75.71.
Reflecting on the broader trend, PKR has appreciated against the US Dollar by 8.04 rupees or 2.89% during the current financial year. In the calendar year, PKR has appreciated by 3.91 rupees or 1.41%.
In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates remained steady at 21.45% and 21.7%.
Meanwhile, the State Bank of Pakistan (SBP) conducted significant operations today, injecting a total of Rs2.71 trillion into the market through reverse repo and Shariah Compliant Modarabah based Open Market Operation (OMO).
