Interbank closing: PKR loses 14 paisa, ending winning streak

WEB DESK: The Pakistani rupee (PKR) wrapped up its recent uptrend by weakening 14 paisa against the US dollar (USD) during Thursday’s interbank session, settling at PKR 285.27.

Interbank closing #ExchangeRate for todayhttps://t.co/y54ReYUwKG#SBPExchangeRate pic.twitter.com/DbKEffhR62

— SBP (@StateBank_Pak) November 23, 2023

This marks a slight decline from the previous day’s closing rate of PKR 285.13 per USD.

Throughout the session, the local unit experienced an intraday high (bid) of Rs285.05 and a low (ask) of Rs285.4.

In the open market, the PKR remained steady as exchange companies set the buying rate for the dollar at Rs284 and the selling rate at Rs287.

It’s noteworthy that this reversal follows consecutive sessions of the PKR gaining ground against the USD.

In comparison to other major currencies, the PKR strengthened by 10.38 paisa against the Euro, closing at Rs311.22 compared to the previous value of Rs311.33.

Similarly, the British Pound became more affordable by 55.19 paisa, concluding at Rs356.77 as opposed to the previous day’s Rs357.32.

The Swiss franc experienced a marginal loss of 2.41 paisa, settling at Rs322.81 compared to Rs322.83 from the previous session.

Against the Japanese yen, the PKR gained 0.36 paisa, closing at 1.912 versus 1.915 a day ago. The Chinese Yuan appreciated by 5.2 paisa, concluding at Rs39.9581 against Rs39.9061 from the previous session.

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The Saudi Riyal closed at Rs76.06, reflecting a gain of 3.74 paisa from its value of Rs76.02 a day ago. Meanwhile, the UAE dirham saw an increase in value of 4.03 paisa, rising from Rs77.634 to Rs77.674.

In the current financial year, the PKR has appreciated against the dollar by 0.73 rupees, or 0.25 per cent. However, the calendar year has witnessed a depreciation of Rs58.83, or 20.62 per cent.

Shifting focus to the money market, the benchmark 6-month Karachi Interbank bid and offer rates remained unchanged at 21.15 per cent and 21.4 per cent, respectively.