PKR extends winning streak, closes at Rs284.14 vs dollar

WEB DESK: The Pakistani Rupee (PKR) continued its upward trend on Wednesday, gaining more than 23 paisa against the US dollar (USD) and concluding the day at Rs284.14.

Interbank closing #ExchangeRate for today https://t.co/7FuOC7AZu3#SBPExchangeRate pic.twitter.com/hJsyp4r52s

— SBP (@StateBank_Pak) December 6, 2023

This marks an improvement from the previous day’s closing rate of Rs284.38 against US dollar.

Throughout the day, the local unit experienced a high (bid) of Rs285.84 and a low (ask) of Rs284.25.

In the open market, the Pakistani Rupee strengthened by 50 paisa, as exchange companies quoted the US dollar at Rs282 for buying and Rs285 for selling.

This is compared to the prior day’s rates of Rs282.5 for buying and Rs285.5 for selling. Notably, this represents the seventh consecutive gain for the local unit against the US dollar.

Against major currencies, the PKR exhibited the following changes:

Euro: Gained 1.05 rupees, closing at 306.51 compared to the previous value of 307.55.

British Pound: Became cheaper by 86.01 paisa, closing at 358.11 compared to 358.97 from the previous day.

Swiss Franc: Experienced a loss of 43.16 paisa, closing at 324.79 compared to 325.22 from the previous session.

Japanese Yen: Gained 0.37 paisa, closing at 1.933 versus 1.937 a day ago.

Chinese Yuan: Lost 9.46 paisa, closing at 39.7046 against 39.7992 from the previous session.

Saudi Riyal: Closed at 75.76 with a loss of 5.96 paisa from its value of 75.82 a day ago.

UAE Dirham: Decreased in value by 6.3 paisa from 77.44 a day ago to 77.377.

In the current financial year, the PKR has appreciated against the dollar by 1.85 rupees or 0.65 per cent. However, in the current calendar year, the PKR has depreciated by 57.71 rupees or 20.31 per cent.

In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates showed a marginal increase of 1 bps to 21.47 per cent and 21.72 per cent.

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