The Pakistani Rupee (PKR) recently experienced a slight decrease in value against the US dollar in the latest interbank trading session. The PKR closed at 279.42 per USD, marking a marginal shift from the preceding session’s close of 279.41 per USD.

INTERBANK AND OPEN MARKET MOVEMENTS

The PKR reached a high bid of 279.7 and a low ask of 279.3 during the trading session. In the meantime, open market currency exchange rates were marginally higher, with the dollar being purchased at 280.5 and sold at 281.25.

PKR AGAINST GLOBAL CURRENCIES

The Pakistani Currency PKR showcased a mixed performance against other major currencies. It strengthened against the Euro, settling at 300.49, showing an impressive gain of 3.61 rupees. The British Pound also saw a decrease in value against the PKR, closing at 350.9, a reduction of 5.56 rupees.

Conversely, the Swiss Franc depreciated against the PKR, with a closing rate of 321.17, down by 4.76 rupees. The Japanese Yen and the Chinese Yuan also witnessed fluctuations, with the PKR gaining 2.49 paisa against the Yen and the Yuan decreasing by 6.81 paisa.

Meanwhile Saudi Riyal and the UAE Dirham saw modest gains against the PKR, improving by 0.53 and 0.75 paisa respectively.

THE PKR’S TENACIOUS ADVANCE: A TEN-WEEK CHRONICLE OF VICTORY: 2024 TRENDS AND FORECASTS

YEARLY OVERVIEW AND MONEY MARKET INSIGHTS

Looking back at the fiscal year, the value of the PKR against the US dollar has increased by 2.35%, or 6.57 rupees. With the PKR strengthening by 2.44 rupees, or 0.87%, the current calendar year also saw positive movement.

The benchmark 6-month Karachi Interbank Bid and Offer rates increased by 15 basis points to 21.05% and 21.3%, respectively, in the money market.

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