The Pakistani rupee (PKR) experienced a minor depreciation of 3.73 paisa against the US dollar during Monday’s interbank session, closing at PKR 278.36 per USD compared to the previous session’s closing rate of PKR 278.33 per USD. The currency recorded an intraday high bid of 278.6 and a low ask of 278.4.
PAKISTANI RUPEE PERFORMANCE FOR MAY
In the open market, exchange companies quoted the dollar at PKR 277.25 for buying and PKR 280 for selling. Despite the slight depreciation, the rupee has demonstrated remarkable stability against the dollar over the past month, settling May at PKR 278.33 per USD, only a 1 paisa drop from the previous month’s closing rate of PKR 278.31 per USD.
STABILITY FACTORS AND ECONOMIC INDICATORS
The successful conclusion of the 9-month Stand-By Arrangement (SBA) with the International Monetary Fund (IMF) has been pivotal in maintaining the rupee’s stability. This agreement provided a policy anchor that helped alleviate foreign exchange shortages and restored proper functioning in the FX market.
PERFORMANCE AGAINST MAJOR CURRENCIES
- Euro: The PKR depreciated by 44.4 paisa, closing at 301.68 compared to 301.23.
- British Pound: The PKR weakened by 22.83 paisa, closing at 353.86 compared to 353.63.
- Swiss Franc: The PKR saw gains of 85.93 paisa, closing at 308.44 compared to 307.58.
- Japanese Yen: The PKR depreciated slightly by 0.06 paisa, closing at 1.7717 versus 1.7711.
- Chinese Yuan: The PKR depreciated by 1.73 paisa, closing at 38.41 compared to 38.43.
- Saudi Riyal: The PKR appreciated marginally by 0.8 paisa, closing at 74.21.
- U.A.E Dirham: The PKR remained flat, closing at 75.78.
YEARLY PERFORMANCE AND MONEY MARKET UPDATE
Throughout the current financial year, the PKR has remained stable against the USD. The current calendar year has seen the PKR appreciate by 3.5 rupees, or 1.26%. In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates (KIBOR) decreased by 11 basis points to 20.66% and 20.91%, respectively.
