On Thursday, the Pakistani Rupee (PKR) strengthened by 10.99 paisa, or 0.04%, closing at PKR 277.74 against the US Dollar in the interbank market. This marks a continuation of the currency’s gradual appreciation trend. The PKR witnessed an intraday high (bid) of 277.80 and a low (ask) of 277.60 against the dollar. In the open market, exchange companies quoted the dollar at 277.02 for buying and 278.80 for selling.
PKR’s Performance Against Major Currencies
- Euro: PKR rose by 1.53 rupees (0.52%), closing at 293.07.
- British Pound: PKR appreciated by 1.42 rupees (0.40%) to settle at 352.44.
- Swiss Franc: PKR increased by 1.36 rupees (0.43%) to 313.07.
- Japanese Yen: PKR gained 0.92 paisa (0.51%) to close at 1.7822.
- Chinese Yuan: PKR rose by 8.79 paisa (0.23%) to 38.37.
- Saudi Riyal: PKR improved by 3.32 paisa (0.04%) to 73.92.
- U.A.E Dirham: PKR gained 2.99 paisa (0.04%) to close at 75.62.
PKR Gains So Far in Fiscal and Calendar Year
During the current fiscal year, the PKR has gained 60.11 paisa (0.22%) against the USD, and it has appreciated by 4.12 rupees (1.48%) since the start of the calendar year.
Money Market Update
In the money market, the benchmark 6-Month Karachi Interbank Bid and Offer rates increased by 19 basis points, reaching 13.27% and 13.52%, respectively.
Outlook
The rupee’s steady gains against major currencies and modest increases in interbank rates suggest improved investor confidence and a stable macroeconomic environment. As PKR remains resilient, particularly against the USD, market observers will watch closely for any impacts from upcoming economic policy changes and global currency movements.
