The Pakistani Rupee (PKR) depreciated by 18.57 paisa, or 0.07%, against the US dollar in Monday’s interbank session, closing at PKR 277.86 per USD compared to the previous trading day’s PKR 277.67. The day’s intraday activity saw the PKR touch a high of 278.00 (bid) and a low of 277.90 (ask).
In the open market, exchange companies quoted the dollar at PKR 276.89 for buying and PKR 278.65 for selling, reflecting minor variations.
Performance Against Major Currencies
While the PKR showed weakness against the US dollar and some other currencies, it managed to strengthen against the Euro and British Pound. Key currency movements included:
- Euro: PKR appreciated by 48.44 paisa (0.17%) to close at PKR 293.01 compared to PKR 293.50 in the previous session.
- British Pound: The Rupee gained 95.96 paisa (0.27%), ending the day at PKR 350.58 versus 351.54.
- Swiss Franc: PKR dipped by 20.94 paisa (0.07%), settling at PKR 313.20 from 312.99.
- Japanese Yen: The currency weakened by 0.86 paisa (0.48%) to close at PKR 1.7942 compared to PKR 1.7856.
- Chinese Yuan: The PKR appreciated by 6.08 paisa (0.16%), closing at PKR 38.36 from PKR 38.42.
- Saudi Riyal: The Rupee fell by 8.69 paisa (0.12%), closing at PKR 74.02 compared to PKR 73.93.
- U.A.E Dirham: PKR dropped by 5.06 paisa (0.07%) to end at PKR 75.65 from PKR 75.60.
Year-to-Date Performance
So far in the fiscal year, the PKR has strengthened by 48.58 paisa (0.17%) against the US dollar. Year-to-date, the currency has gained PKR 4.01 (1.44%) against the greenback.
Money Market Update
In the money market, the 6-month Karachi Interbank Bid and Offer Rates (KIBOR) saw a slight increase of 3 basis points, with the bid rate at 13.38% and the offer rate at 13.63%.
Conclusion
The Pakistani Rupee’s performance in Monday’s session reflects the mixed dynamics of the forex market, influenced by domestic and international economic conditions. While gains against the Euro and Pound bring some optimism, the slight depreciation against the US dollar underscores the ongoing challenges in stabilizing the local currency.
