Interbank closing: Pakistani rupee gains 1.29 paisa

WEB DESK: In Tuesday’s interbank session, the Pakistani rupee (PKR) showcased resilience, appreciating by 1.29 paisa against the US dollar.

The currency settled the trade at PKR 279.31 per USD, a slight improvement from the previous session’s closing of PKR 279.33 per USD.

Throughout the trading day, the PKR experienced fluctuations, reaching an intraday high (bid) of Rs279.6 and a low (ask) of Rs279.3. In the open market, exchange companies quoted the dollar at Rs279.25 for buying and Rs281.25 for selling.

The financial markets are currently adjusting to the impending government transition following last week’s elections in the country.

However, the uncertainty stemming from delays in election results has cast a shadow over the financial landscape.

In comparison to major currencies, the PKR gained 76.81 paisa against the Euro, concluding at Rs300.88 compared to the previous value of Rs301.65.

The British Pound experienced a marginal increase of 17.93 paisa, closing at Rs353.36 in contrast to the previous day’s Rs353.18.

Conversely, the Swiss franc saw losses of 2.56 rupees, closing at Rs317.3 compared to the previous session’s Rs319.85. Against the Japanese yen, the PKR gained 0.73 paisa, concluding at Rs1.8669 versus Rs1.8742 a day ago.

The Chinese Yuan experienced a minimal decline of 0.18 paisa, closing at Rs38.83 against the previous session’s Rs38.83. The Saudi Riyal closed at Rs74.48, witnessing a marginal loss of 0.54 paisa from its value of Rs74.49 a day ago, while the UAE dirham decreased by 0.45 paisa, settling at Rs76.05 from the previous day’s Rs76.05.

Examining the broader picture, during the current financial year, the PKR has appreciated against the dollar by 6.68 rupees, or 2.39 per cent. In the current calendar year, the PKR has seen a gain of 2.55 rupees, or 0.91 per cent.

In the money market, the benchmark 6-month Karachi Interbank bid and offer rates experienced a modest increase of 4 bps to 21.16 per cent and 21.41 per cent, reflecting the ongoing dynamics in the financial sector.

Read next: LESCO recovers millions from defaulters