The Pakistani rupee (PKR) appreciated by 7.79 paisa against the US dollar during Thursday’s interbank trading session, closing at PKR 278.66 per USD. This marks a slight improvement from the previous session’s closing of PKR 278.74 per USD.
Throughout the session, the PKR experienced an intraday high (bid) of 278.85 and a low (ask) of 278.65. In the open market, exchange companies quoted the US dollar at PKR 278.5 for buying and PKR 280.5 for selling.
Performance Against Major Currencies
The PKR showed mixed performance against other major currencies. It gained 40.46 paisa against the Euro, closing at PKR 301.03, compared to the previous value of PKR 301.43. Similarly, the British Pound became cheaper by PKR 1.3, closing at PKR 356.48, down from PKR 357.78 a day earlier.
The Swiss franc saw an appreciation of PKR 1.46, closing at PKR 317.84 compared to PKR 316.37 in the previous session. Conversely, the PKR weakened against the Japanese Yen, losing 0.78 paisa to close at PKR 1.8594, compared to the previous rate of PKR 1.8516.
The Chinese Yuan also saw a minor depreciation, with the PKR closing at 38.48, down by 11.58 paisa from 38.59 in the previous session. Additionally, the Saudi Riyal and the UAE Dirham saw marginal losses, with the PKR closing at 74.27 and 75.89 respectively.
Year-to-Date Performance
For the current financial year, the PKR has depreciated by 32.28 paisa or 0.12% against the US dollar. However, on a calendar year basis, the PKR has appreciated by PKR 3.2 or 1.15%, reflecting a broader recovery trend.
Money Market Update
In the money market, the benchmark 6-month Karachi Interbank Bid and Offer Rates (KIBOR) showed a minor decrease of 1 basis point, with bid and offer rates at 19.14% and 19.39% respectively.
