The Pakistani rupee (PKR) appreciated by 7.53 paisa or 0.03% against the US dollar during Friday’s interbank trading session. The currency closed at PKR 277.84 per USD, up from the previous closing of PKR 277.91.
Throughout the session, the rupee saw an intraday high (bid) of 278.15 and a low (ask) of 278.05. In the open market, exchange companies quoted the dollar at 279.41 for buying and 280.70 for selling.
On a weekly basis, the PKR appreciated by 33 paisa against the dollar.
PKR’S PERFORMANCE AGAINST OTHER MAJOR CURRENCIES
In comparison to major international currencies, the Pakistani rupee experienced mixed movements:
- Euro: The PKR depreciated by 36.05 paisa, closing at 310.19, down from the previous 309.83.
- British Pound: The pound rose by 1.62 rupees, closing at 369.82 compared to 368.19 from the prior day.
- Swiss Franc: The rupee gained, closing 74.8 paisa lower at 327.81 versus 328.56.
- Japanese Yen: The PKR appreciated by 1.52 paisa, closing at 1.9354 compared to 1.9506 the previous day.
- Chinese Yuan: The PKR appreciated by 8.8 paisa, closing at 39.4 against the prior 39.31.
- Saudi Riyal: The rupee slightly weakened by 1.81 paisa, closing at 74.04.
- U.A.E Dirham: The rupee lost 2.26 paisa, settling at 75.67.
PKR PERFORMANCE DURING THE FISCAL AND CALENDAR YEAR
- Financial Year: During the current financial year, the PKR has appreciated by 50.33 paisa or 0.18% against the dollar.
- Calendar Year: In the current calendar year, the rupee has gained 4.02 rupees or 1.45% against the dollar.
MONEY MARKET UPDATE: KIBOR RATES AND OMO INJECTIONS
In the money market, the 6-month Karachi Interbank Bid (KIBOR) and Offer (KIBOR) rates dropped by 16 basis points to 16.04% and 16.29%, respectively.
The State Bank of Pakistan (SBP) conducted a reverse repo and Shariah Compliant Modarabah-based Open Market Operation (OMO), injecting a total of Rs2.24 trillion into the market. Of this, Rs2.08 trillion was injected via reverse repo OMO, while Rs161 billion was injected through Modarabah-based OMO.
The significant drop in Pakistan Investment Bonds (PIBs) yields, which fell by up to 335 bps in Thursday’s auction, contributed to the downward pressure on rates.
