Interbank closing: rupee gains 11 paisa against US dollar

WEB DESK: In Wednesday’s interbank trading session, the Pakistani rupee (PKR) demonstrated resilience against the US dollar (USD), securing a gain of over 11 paisa.

The closing rate stood at PKR 282.9, marking an improvement from the previous day’s closure at PKR 283.01 per USD.

Throughout the day, the local currency witnessed a bid high of Rs283 and an ask low of Rs282.5. In the open market, exchange companies quoted the dollar at Rs281.5 for buying and Rs284.5 for selling.

Relative to major currencies, the PKR experienced a depreciation of 95.3 paisa against the Euro, concluding at Rs310.26 compared to the previous value of Rs309.3.

Meanwhile, the British Pound recorded a decrease of 28.29 paisa, closing at Rs358.21, down from Rs358.49 the previous day.

The Swiss franc saw an uptick of Rs1.6, reaching a closing rate of Rs328.44 compared to Rs326.84 in the previous session. Against the Japanese yen, the PKR lost 0.7 paisa, closing at Rs1.97 as opposed to Rs1.963 a day ago.

Conversely, the Chinese Yuan gained 4.59 paisa, concluding at Rs39.6472 against Rs39.6013 from the preceding session.

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The Saudi Riyal closed at Rs75.39, experiencing a loss of 4.99 paisa from its value of Rs75.44 a day ago.

The UAE Dirham also witnessed a decrease in value of 3.36 paisa, settling at Rs77.027 compared to Rs77.061 the previous day.

Examining the broader trends, the PKR has shown appreciation against the US dollar by Rs3.09, or 1.09 per cent, during the current financial year.

However, in the calendar year, it has depreciated by Rs56.47, or 19.96 per cent.

Shifting focus to the money market, the benchmark 6-month Karachi Interbank bid and offer rates experienced a marginal decline of 1 basis point, settling at 21.18 per cent and 21.43 per cent.

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