Interbank closing: rupee breaks winning streak vs dollar

WEB DESK: In Monday’s interbank session, the Pakistani rupee (PKR) demonstrated stability, settling at PKR 283.9 per US dollar (USD).

This slight decline of 3 paisa from the previous closing of PKR 283.87 per USD was notable. The intraday range saw a high (bid) of Rs283.79 and a low (ask) of Rs284.

The interbank dollar rate today was posted by the State Bank of Pakistan:

Interbank closing #ExchangeRate for todayhttps://t.co/dpQDQBOjMR#SBPExchangeRate pic.twitter.com/8PsTzyPfJC

— SBP (@StateBank_Pak) December 11, 2023

Within the open market, exchange companies quoted the dollar at 283 for purchasing and 284.75 for selling.

Notably, last week marked the fourth consecutive weekly gain for the local unit against the US dollar. Additionally, there were nine consecutive daily gains, but today’s marginal depreciation concluded this daily winning streak.

Comparing against major currencies, the PKR gained 63.85 paisa against the Euro, closing at 305.36 compared to the previous value of 306.

The British Pound experienced a decrease of 83.23 paisa, closing at 355.84 versus 356.67 from the previous day. The Swiss franc incurred losses of 1.48 rupees, closing at 322.61 compared to 324.09 from the previous session.

Against the Japanese yen, the PKR gained 3.06 paisa, closing at 1.9387 versus 1.9693 a day ago. The Chinese Yuan lost 11.77 paisa, closing at 39.53 against 39.65 from the previous session.

The Saudi Riyal closed at 75.69, showing a gain of 0.81 paisa from its value of 75.68 a day ago. Meanwhile, the UAE. dirham increased in value by 0.73 paisa, shifting from 77.31 to 77.3.

In the current financial year, the PKR has appreciated against the dollar by 2.09 rupees, or 0.74 per cent. Conversely, in the current calendar year, the PKR has depreciated by 57.47 rupees, or 20.24 per cent.

Shifting to the money market, the benchmark 6-month Karachi interbank bid and offer rates experienced a marginal decrease of 4 bps, settling at 21.38 and 21.63 per cent.

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