Interbank closing: PKR loses 7 paisa versus US dollar

WEB DESK: In Monday’s interbank session, the Pakistani rupee (PKR) observed a slight depreciation of 7 paisa against the US dollar, settling the trade at PKR 279.26.

This minor shift follows the previous day’s closing rate of PKR 279.19 per USD.

Throughout the trading day, the local unit recorded an intraday high (bid) of 279.25 and a low (ask) of 289.65.

In the open market, exchange companies quoted the dollar at 279.3 for buying and 282 for selling.

Comparatively, against major currencies, the PKR experienced a loss of 1.04 rupees against the Euro, concluding at 303.1 in contrast to the previous value of 302.06.

The British Pound also saw an increase of 1.15 rupees, closing at 354.02 compared to 352.87 from the day before.

The Swiss franc exhibited gains of 2.01 rupees, closing at 317.02 in comparison to 315.01 from the previous session.

Against the Japanese yen, PKR faced a marginal depreciation of 0.28 paisa, closing at 1.857 versus 1.854 a day ago.

Meanwhile, the Chinese Yuan gained 0.68 paisa, closing at 38.7914 against 38.7846 from the previous session.

The Saudi Riyal closed at 74.46, reflecting a gain of 1.66 paisa from its value of 74.45 a day ago. The UAE. dirham also increased in value by 1.9 paisa, rising from 76.014 to 76.033.

Examining the broader financial picture, during the current financial year, the PKR has appreciated against the dollar by 6.73 rupees, or 2.41 per cent.

In the current calendar year, the PKR has appreciated by 2.6 rupees, or 0.93 per cent.

Shifting focus to the money market, the benchmark 6-month Karachi Interbank bid and offer rates witnessed a 10 bps drop, settling at 21.34 per cent and 21.59 per cent.

It’s noteworthy that last week, the Pakistani rupee closed with a gain of 17 paisa against the US dollar, indicating a resilient performance in the foreign exchange market.

Read next: Gold price increases by Rs900 per tola