In Wednesday’s interbank session, the Pakistani rupee (PKR) experienced a depreciation of 8.08 paisa against the US dollar, settling at PKR 277.92 per USD. This marks a slight decline compared to the previous session’s closing of PKR 277.84 per USD.

Throughout the trading day, the currency ranged from an intraday high (bid) of 278.1 to a low (ask) of 278. Meanwhile, in the open market, exchange companies quoted the dollar at 277.8 for buying and 278 for selling.

 


PKR INTERBANK EXCHANGE RATES ON APRIL 03, 2024


USD TO PKR
Country (Symbol)Rate
United States (USD)277.92
Eurozone (EUR)299.34
United Kingdom (GBP)349.34
Japan (JPY)1.8321
United Arab Emirates (AED)75.67
Saudi Arabia (SAR)74.10
Australia (AUD)180.92
Canada (CAD)204.67

The country’s trade woes persist, with the trade deficit for March widening by 24.56% month-on-month to $2.17 billion, a significant increase from the negative balance of $1.74 billion recorded in February 2024. This trend is attributed to a marginal drop in exports coupled with a rise in imports.

In comparison to major currencies, the PKR faced losses across the board:

  • Against the Euro, PKR depreciated by 92.05 paisa, closing at 299.34 compared to the previous value of 298.42.
  • The British Pound became pricier by 47.66 paisa, closing at 349.24 compared to 348.77 from the previous day.
  • PKR saw losses against the Swiss Franc, closing at 305.97 compared to 306.07 from the previous session, marking a decline of 9.64 paisa.
  • Against the Japanese Yen, PKR experienced a marginal depreciation of 0.06 paisa, closing at 1.8321 versus 1.8315 a day ago.
  • However, the Chinese Yuan gained 0.9 paisa, closing at 38.41 against 38.4 from the previous session.
  • The Saudi Riyal closed at 74.1 with a gain of 2.15 paisa from its value of 74.07 a day ago.
  • Similarly, the U.A.E Dirham increased in value by 2.2 paisa from 75.67 a day ago to 75.65.

PKR OPEN MARKET RATES: APRIL 3, 2024

Despite these fluctuations, the current financial year has seen PKR appreciate against the Dollar by 8.07 rupees or 2.91%, while the current calendar year has witnessed a gain of 3.94 rupees or 1.42%.

In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates remained unchanged at 21.41% and 21.66%.

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