Interbank closing: PKR gains 29 paisa against US dollar

KARACHI: The Pakistani rupee (PKR) experienced its largest increase in over six months after the country secured a $7 billion loan agreement with the International Monetary Fund (IMF) over the weekend.

On Monday, the PKR appreciated by 29 paisa, or 0.11 per cent, reaching 278.11 per US dollar (USD). This marks the highest percentage gain since January.

During trading, the local currency recorded an intraday high bid of 278.60 and a low ask of 278.10. In the open market, exchange companies reported the US dollar priced at 279.05 for buying and 280.50 for selling.

PKR performance against other currencies

Despite the overall positive movement, the PKR showed mixed results against other major currencies. It depreciated by 1.24 paisa against the Japanese yen, closing at 1.7611, compared to 1.7487 the previous day. Similarly, the PKR fell by 6.01 paisa against the Chinese yuan, ending at 38.29, down from 38.35.

The British pound gained 94.24 paisa, closing at 360.97, up from 360.03. The euro also witnessed a decline, with the PKR losing 8.48 paisa and closing at 302.94, compared to 302.86 previously. The UAE dirham decreased in value by 7.98 paisa, falling from 75.72 to 75.80.

Additionally, the Saudi riyal closed at 74.15, losing 7.8 paisa from 74.23, while the Swiss franc saw a loss of 1.46 paisa, ending at 310.77, slightly down from 310.78 in the prior session.

The recent loan agreement with the IMF is expected to bolster confidence in the Pakistani economy and provide much-needed stability to the rupee moving forward.

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