In Tuesday’s interbank market session, the Pakistani Rupee (PKR) weakened slightly against the US Dollar, dropping by 5.03 paisa or 0.02% to close at PKR 277.84 per USD. Throughout the session, the currency fluctuated with an intraday high (bid) of 277.95 and a low (ask) of 277.85, reflecting the market’s cautious sentiment.
PKR Movement Against Major Currencies:
- Euro (EUR): PKR appreciated by 11.19 paisa (0.04%) to 302.52, improving slightly from the previous close of 302.64.
- British Pound (GBP): PKR weakened by 20.41 paisa (0.06%) to 360.51 from 360.30.
- Swiss Franc (CHF): PKR lost 42.99 paisa (0.13%), closing at 321.63.
- Japanese Yen (JPY): PKR strengthened, gaining 0.29 paisa (0.16%) to settle at 1.8240.
- Chinese Yuan (CNY): PKR appreciated by 4.28 paisa (0.11%), closing at 39.10.
- Saudi Riyal (SAR): PKR slipped by 0.16 paisa, ending at 73.96.
- U.A.E Dirham (AED): PKR depreciated slightly, down by 1.37 paisa (0.02%) to close at 75.64.
PKR Performance in Fiscal and Calendar Year
Year-to-date, the PKR has appreciated by 50.33 paisa (0.18%) against the USD in the current fiscal year and has gained 4.02 rupees (1.45%) this calendar year, reflecting underlying support from improved remittances, exports, and macroeconomic stability initiatives.
Money Market Updates
The Karachi Interbank Offer Rates (KIBOR) for the benchmark 6-month tenor edged down, with the bid rate at 13.04% and the offer rate at 13.29%, marking a 4 basis point decline. This dip aligns with the State Bank of Pakistan’s recent monetary easing policies, as the central bank continues to encourage credit expansion and economic activity.
The mixed performance of PKR against global currencies indicates both external pressures and local resilience, largely influenced by SBP’s policies and the broader macroeconomic environment.
