On Thursday, the Pakistani Rupee (PKR) declined slightly by 5.38 paisa or 0.02% against the U.S. Dollar in the interbank market, closing at PKR 277.95 per USD compared to the previous rate of 277.89. During the day, PKR reached an intraday high (bid) of 278.10 and a low (ask) of 278.00.
This modest weakening of PKR comes as the U.S. Dollar Index (DXY) showed strength, having risen 1.61% following Donald Trump’s U.S. presidential election win on Wednesday. However, the DXY saw a small retreat in today’s session, dipping 0.26%.
In the open market, the USD was quoted at 276.92 for buying and 278.79 for selling, reflecting a slight premium over the interbank rate.
PKR’s Performance Against Other Currencies
The PKR saw mixed movements against major global currencies:
- Euro: PKR appreciated by 17.82 paisa (0.06%), closing at 298.92.
- British Pound: PKR weakened by 82.00 paisa (0.23%), ending at 359.31.
- Swiss Franc: The local currency gained 50.13 paisa (0.16%), closing at 317.45.
- Japanese Yen: PKR dipped 0.05 paisa (0.03%) to 1.8046.
- Chinese Yuan: PKR rose by 1.41 paisa (0.04%), ending at 38.79.
- Saudi Riyal: A slight decline of 0.84 paisa (0.01%) brought PKR to 73.98.
- U.A.E Dirham: PKR depreciated 1.47 paisa (0.02%), closing at 75.67.
Fiscal and Calendar Year Performance
Since the beginning of the fiscal year, the PKR has strengthened by 39.51 paisa (0.14%) against the USD. For the current calendar year, it has appreciated 3.91 rupees (1.41%) against the dollar.
Money Market Update
In the money market, the 6-month Karachi Interbank Bid and Offer Rates (KIBOR) showed a slight dip, dropping 2 basis points to 13.02% (bid) and 13.27% (offer), reflecting a stable interest rate environment.
The PKR remains relatively stable despite recent dollar strength, attributed to investor confidence and careful monitoring of foreign exchange flows by the State Bank of Pakistan (SBP). Going forward, PKR stability may depend on external pressures, U.S. monetary policy, and any further market responses to global economic and political shifts.
