Interbank closing: PKR records slight gain against US dollar

WEB DESK: In the latest interbank trading session on Wednesday, the Pakistani rupee (PKR) demonstrated resilience, marking a gain of 16.99 paisa against the US dollar (USD).

The currency concluded the day’s trading at PKR 283.61 per USD, a positive shift from the previous session’s closing rate of PKR 283.78 per USD.

Throughout the day, the PKR experienced fluctuations, reaching an intraday high (bid) of Rs283.54 and a low (ask) of Rs283.75.

Meanwhile, in the open market, exchange companies quoted buying and selling rates for the dollar at Rs284.5 and Rs285.5, respectively.

Against other major currencies, the PKR exhibited mixed performance. Notably, against the Euro, it saw a marginal decrease of 2.97 paisa, closing at 305.85 compared to the previous value of 305.82.

On the other hand, the British Pound became more affordable, shedding 1.63 rupees and closing at 355.05, contrasting with the previous day’s rate of 356.68.

The Swiss franc experienced losses of 2.75 paisa, concluding the session at 323.89 versus the previous 323.91.

Against the Japanese Yen, the PKR gained 0.62 paisa, closing at 1.9449 compared to 1.9511 a day ago.

Similarly, the Chinese Yuan saw a decrease of 6.85 paisa, settling at 39.48 against the previous rate of 39.54.

In the case of Middle Eastern currencies, the Saudi Riyal closed at 75.61, reflecting a loss of 5.03 paisa from the previous day’s value of 75.66.

The UAE Dirham also experienced a decline, decreasing by 4.52 paisa from 77.23 to 77.27.

Examining the broader financial trends, during the current financial year, the PKR has appreciated against the dollar by 2.38 rupees or 0.84 per cent.

However, the calendar year has witnessed a depreciation of 57.18 rupees or 20.16 per cent.

Shifting focus to the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates saw a slight uptick, increasing by 12 basis points to 21.51 and 21.76 per cent.

These developments underscore the dynamic nature of currency markets and their impact on the broader economic landscape.

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