USD TO PKR: Karachi, Pakistan – The Pakistani rupee (PKR) depreciated by 6.41 paisa against the US dollar in Thursday’s interbank session, closing at PKR 278.17 per USD compared to the previous session’s closing of PKR 278.11 per USD. During the session, the currency saw an intraday high (bid) of 278.40 and a low (ask) of 278.10.
In recent developments, global rating agency Moody’s noted that Pakistan’s staff-level agreement with the International Monetary Fund (IMF) improves the country’s funding prospects. However, Moody’s cautioned that the ability to sustain reforms is crucial for easing liquidity risks.
Open Market Rates
In the open market, exchange companies quoted the dollar at 278.99 for buying and 280.50 for selling.
Performance Against Major Currencies
- Euro TO PKR: PKR lost 1.1 rupees, closing at 304.04 compared to the previous value of 302.94.
- British Pound TO PKR: The currency became more expensive by 59.78 paisa, closing at 361.57 compared to 360.97 from a day ago.
- Swiss Franc TO PKR: PKR saw a significant loss of 3.92 rupees, closing at 314.69 compared to 310.77 from the previous session.
- Japanese Yen TO PKR: The rupee lost 1.95 paisa, closing at 1.7806 versus 1.7611 a day ago.
- Chinese Yuan TO PKR: Gained 3.75 paisa, closing at 38.33 against 38.29 from the previous session.
- Saudi Riyal TO PKR: Closed at 74.16 with a slight gain of 1.51 paisa from its value of 74.15 a day ago.
- U.A.E Dirham TO PKR: Increased by 1.75 paisa, from 75.73 a day ago to 75.72.
YEAR-TO-DATE PERFORMANCE
During the current financial year, PKR has appreciated against the Dollar by 16.99 paisa or 0.06%. Meanwhile, the current calendar year has seen PKR appreciate by 3.69 rupees or 1.33%.
Money Market Update
In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates (KIBOR) inched down by 3 basis points to 19.64% and 19.89%, respectively.
The fluctuating performance of the PKR against major currencies and its depreciation against the USD reflect ongoing economic challenges and market volatility. Analysts and market participants will continue to monitor the situation closely, particularly in light of the IMF agreement and potential reform implementations.
