KARACHI, June 10 – The Pakistani rupee (PKR) depreciated by 17.01 paisa against the US dollar during Monday’s interbank session, closing at PKR 278.37 per USD compared to the previous session’s closing of PKR 278.2 per USD. The currency experienced an intraday high (bid) of 278.5 and a low (ask) of 278.25.
In the open market, exchange companies quoted the dollar at 277.70 for buying and 280.15 for selling.
In a significant move, the State Bank of Pakistan (SBP) announced a reduction in its key policy rate by 150 basis points to 20.5%, a larger-than-expected cut that marks the first reduction in nearly four years. This decision comes ahead of the annual budget for 2024-25.
Against other major currencies, the PKR displayed mixed performance:
- Euro: Gained 3.43 rupees, closing at 299.53 compared to the previous value of 302.96.
- British Pound: Decreased by 2 rupees, closing at 354.05 compared to 356.04 from the previous session.
- Swiss Franc: Fell by 2.35 rupees, closing at 310.32 versus 312.67 previously.
- Japanese Yen: Increased by 1.64 paisa, closing at 1.7728 compared to 1.7892.
- Chinese Yuan: Remained unchanged, closing at 38.41.
- Saudi Riyal: Rose by 5.13 paisa, closing at 74.23 from 74.18.
- U.A.E Dirham: Increased by 4.63 paisa, closing at 75.74 compared to 75.79.
Throughout the current financial year, the PKR has appreciated by 7.62 rupees or 2.74% against the dollar. In the current calendar year, the PKR has seen an appreciation of 3.49 rupees or 1.25%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer Rates (KIBOR) inched down by 2 bps to 20.43% and 20.68% respectively.
