The Pakistani rupee (PKR) experienced a slight depreciation of approximately 9 paisa against the US dollar this week, closing at PKR 278.21 per USD, compared to the previous week’s closing rate of PKR 278.12 per USD. However, in today’s session alone, the PKR rebounded and gained 19.5 paisa against the USD. Throughout Friday’s trading session, the currency saw an intraday high (bid) of 278.65 and a low (ask) of 278.45.
In the open market, exchange companies quoted the dollar at PKR 277.3 for buying and PKR 279.5 for selling.
Performance Against Major Currencies
The Pakistani rupee’s performance against major currencies showed mixed results:
- Euro (EUR): The PKR gained 86.59 paisa, closing at PKR 301.84 compared to the previous value of PKR 302.71.
- British Pound (GBP): The PKR appreciated by 1.05 rupees, closing at PKR 351.95 compared to PKR 353 from the previous day.
- Swiss Franc (CHF): The PKR depreciated by 3.16 rupees, closing at PKR 306.15 compared to PKR 309.3 from the previous session.
- Japanese Yen (JPY): The PKR gained 1.8 paisa, closing at PKR 1.7847 versus PKR 1.8027 a day ago.
- Chinese Yuan (CNY): The PKR depreciated by 5.85 paisa, closing at PKR 38.51 against PKR 38.57 from the previous session.
- Saudi Riyal (SAR): The PKR saw a slight depreciation of 5.2 paisa, closing at PKR 74.18 from PKR 74.23 a day ago.
- U.A.E Dirham (AED): The PKR decreased in value by 5.41 paisa, from PKR 75.74 a day ago to PKR 75.8.
Year-to-Date Performance
During the current financial year, the PKR has appreciated against the US dollar by 7.78 rupees, or 2.8%. For the current calendar year, the PKR has appreciated by 3.65 rupees, or 1.31%.
Money Market Overview
In the money market, the benchmark 6-month Karachi Interbank Bid and Offer rates (KIBOR) inched down by 6 basis points (bps) to 21.04% and 21.29%, respectively. This marks the second consecutive drop in yields following Wednesday’s Market Treasury Bills (T-Bills) auction, where cut-off yields dropped by up to 49 bps.
State Bank of Pakistan Operations
The State Bank of Pakistan (SBP) conducted a reverse repo and Shariah-compliant Modarabah-based Open Market Operation (OMO) today, cumulatively injecting a total of Rs809.7 billion into the market. Of this, Rs747.7 billion were injected through the reverse repo OMO, while the remaining Rs62 billion were injected through Shariah-compliant Modarabah-based OMO.
