The Pakistani Rupee (PKR) experienced a marginal decline of 9.69 paisa or 0.03% against the US Dollar in Tuesday’s interbank session, closing at PKR 277.95/USD, compared to the previous day’s value of PKR 277.86. During the session, the PKR recorded an intraday high (bid) of 278.10 and a low (ask) of 278.00.
In the open market, exchange companies quoted the dollar at PKR 276.40 for buying and PKR 278.90 for selling.
Performance Against Other Currencies
The PKR exhibited a mixed trend, weakening against most major currencies:
- Euro: Declined by Rs.1.16 or 0.40%, closing at PKR 294.17.
- British Pound: Fell by Rs.1.60 or 0.46%, ending at PKR 352.18.
- Swiss Franc: Decreased by Rs.1.28 or 0.41%, settling at PKR 314.48.
- Japanese Yen: Down by 0.50 paisa or 0.28%, closing at PKR 1.7992.
- Chinese Yuan: Marginally dropped by 2.15 paisa or 0.06%, closing at PKR 38.38.
- Saudi Riyal: Declined by 1.69 paisa or 0.02%, closing at PKR 74.04.
- U.A.E Dirham: Down by 2.64 paisa or 0.03%, settling at PKR 75.68.
Year-to-Date Performance
Despite Tuesday’s marginal decline, the PKR has appreciated by 38.89 paisa or 0.14% against the US Dollar during the current fiscal year. On a calendar-year basis, the local currency has strengthened by Rs.3.91 or 1.41%.
Money Market Update
In the Money Market, the benchmark 6-Month Karachi Interbank Bid and Offer Rates (KIBOR) edged up by 1 basis point, closing at 13.39% (bid) and 13.64% (offer).
Outlook
The PKR’s depreciation comes amid fluctuations in global currency markets and external account adjustments. While the Rupee has shown resilience in the year-to-date performance, its movement remains closely tied to macroeconomic developments, including remittances, trade flows, and external borrowing.
Market analysts anticipate limited volatility in the near term, with PKR’s trajectory depending on domestic policy measures and global market trends.
