Interbank closing: PKR drops by 8.29 paisa against USD

WEB DESK: The Pakistani rupee (PKR) saw a slight depreciation of 8.29 paisa against the US dollar (USD) in Wednesday’s interbank session.

The local unit closed at PKR 278.47 per USD, down from the previous session’s closing rate of PKR 278.39 per USD.

In the open market, exchange companies quoted the greenback at PKR 277.25 for buying and PKR 280.00 for selling.

During the session, the rupee reached an intraday high (bid) of PKR 278.7 and a low (ask) of PKR 278.5.

The rupee exhibited mixed performance against other major currencies:

Japanese Yen (JPY): The rupee gained 0.18 paisa, closing at PKR 1.7802 per JPY, compared to PKR 1.782 in the previous session.

Chinese Yuan (CNY): The rupee strengthened by 0.56 paisa, closing at PKR 38.46 per CNY, maintaining the same level as the previous session.

Euro (EUR): The rupee appreciated by 16.05 paisa, closing at PKR 302.31 per EUR, up from PKR 302.47.

Swiss Franc (CHF): The rupee lost 81.37 paisa, ending at PKR 305.04 per CHF, down from PKR 305.86.

British Pound (GBP): The rupee weakened by 94.09 paisa, closing at PKR 354.89 per GBP, compared to PKR 353.95 previously.

U.A.E. Dirham (AED): The rupee gained 2.36 paisa, closing at PKR 75.79 per AED, up from PKR 75.82.

Saudi Riyal (SAR): The rupee saw an increase of 1.81 paisa, closing at PKR 74.25 per SAR, compared to PKR 74.23.

Since the beginning of the current financial year, the rupee has appreciated against the dollar by PKR 7.52, marking a 2.7 per cent increase.

For the current calendar year, the rupee has appreciated by PKR 3.39, reflecting a 1.22 per cent gain.

The fluctuating exchange rates highlight the volatility in the forex market, influenced by both domestic economic conditions and global financial trends.

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