The Pakistani Rupee (PKR) appreciated by 0.08% (20.87 paisa) against the US dollar on Friday, closing at PKR 277.74 per USD in the interbank market. The currency strengthened due to positive sentiment driven by a reported 23.91% increase in workers’ remittances in October, amounting to $3.052 billion, which supports Pakistan’s macroeconomic stability.
Daily Performance Against Major Currencies
- Euro (EUR): PKR weakened slightly, losing 2.55 paisa to close at 298.94.
- British Pound (GBP): PKR depreciated by 23.01 paisa, ending at 359.55.
- Swiss Franc (CHF): PKR declined by 45.15 paisa to settle at 317.90.
- Japanese Yen (JPY): PKR fell significantly, down by 1.54 paisa to 1.8200.
- Chinese Yuan (CNY): PKR remained stable at 38.79.
- Saudi Riyal (SAR): PKR gained 4.57 paisa, closing at 73.94.
- U.A.E Dirham (AED): PKR appreciated by 5.69 paisa, reaching 75.61.
Fiscal and Calendar Year Overview
- Current Fiscal Year: The PKR has appreciated by 0.22% (60.38 paisa) against the USD.
- Calendar Year-to-Date: The PKR has gained 1.48% (4.12 PKR) against the dollar.
Money Market Update
In the money market, the 6-month Karachi Interbank Bid and Offer rates increased by 2 basis points to 13.05% (bid)and 13.30% (offer), indicating slightly tighter liquidity. To support market liquidity, the State Bank of Pakistan (SBP) conducted an Open Market Operation (OMO), injecting Rs9.62 trillion into the banking system through reverse repo and Shariah-compliant Modarabah-based instruments.
Outlook
The surge in remittances is likely to continue supporting the PKR, though global currency dynamics, such as fluctuations in the USD and international market conditions, will also play a key role.
