The Pakistani rupee (PKR) appreciated by 16.4 paisa against the US dollar in Friday’s interbank session, closing the trade at PKR 278.5 per USD, compared to the previous session’s close of PKR 278.66 per USD. This minor gain marks a stable performance for the PKR amidst ongoing economic challenges.
Intraday Performance and Open Market Rates
• The PKR saw an intraday high (bid) of 278.60 and a low (ask) of 278.40.
• In the open market, exchange companies quoted the dollar at 278.5 for buying and 280.5 for selling.
On a weekly basis, however, the PKR registered a loss of over 16 paisa against the dollar, reflecting the currency’s volatility in response to both domestic and global economic factors.
PKR’s Performance Against Major Currencies
• Euro: The PKR gained 20.5 paisa against the Euro, closing at 300.82 compared to 301.03 in the previous session.
• British Pound: The PKR saw a significant appreciation of 2.35 rupees, closing at 354.13 from 356.48 a day ago.
• Swiss Franc: The PKR strengthened by 1.74 rupees, ending at 319.58 compared to the previous value of 317.84.
• Japanese Yen: The PKR depreciated slightly, losing 0.83 paisa to close at 1.8677 versus 1.8594 a day earlier.
• Chinese Yuan: The PKR gained 12 paisa, closing at 38.6 against the previous value of 38.48.
• Saudi Riyal: The PKR lost 6.55 paisa, with the currency closing at 74.21, down from 74.27 a day earlier.
• U.A.E Dirham: The PKR weakened by 4.26 paisa, closing at 75.87 compared to the previous close of 75.83.
Yearly Performance and Money Market Developments
During the current financial year, the PKR has depreciated against the US dollar by 15.88 paisa, representing a 0.06% decline. However, on a calendar-year basis, the PKR has appreciated by 3.36 rupees or 1.21%.
In the money market, the benchmark 6-month Karachi Interbank Bid and Offer rates edged down by 2 basis points, settling at 19.12% and 19.37%, respectively.
The State Bank of Pakistan (SBP) also conducted a reverse repo and Shariah-compliant Modarabah-based Open Market Operation (OMO), cumulatively injecting Rs9.57 trillion into the market. Out of this, Rs9.48 trillion was through reverse repo OMO, while Rs85 billion was injected via Shariah-compliant Modarabah-based OMO.
