Interbank closing: PKR loses seven paisa against USD

WEB DESK: In Monday’s interbank trading session, the Pakistani rupee (PKR) experienced a slight depreciation against the US dollar (USD).

The local currency settled at PKR 278.2 per USD, marking a decrease of over 7 paisa compared to the previous session’s closing.

Throughout the trading day, the PKR fluctuated, reaching an intraday high bid of 278.45 and a low ask of 278.25. Meanwhile, in the open market, exchange companies quoted the USD at 276.64 for buying and 279.25 for selling.

In contrast to other major currencies, the PKR showed a mixed performance. It gained 15.66 paisa against the euro, closing at 299.78 compared to the previous rate of 299.94.

Similarly, the British Pound became slightly cheaper by 15.76 paisa, closing at 348.44 compared to the previous day’s value of 348.6.

The Swiss franc also saw losses of 17.22 paisa, closing at 306.8 compared to 306.98 from the previous session.

However, against the Japanese yen, the PKR gained 0.23 paisa, closing at 1.7846 versus 1.7869 a day ago. The Chinese Yuan, on the other hand, lost 4.19 paisa, closing at 38.45 against 38.5 from the previous session.

In terms of other regional currencies, the Saudi Riyal closed at 74.18, showing a gain of 2.08 paisa from its value of 74.16 a day ago. Similarly, the U.A.E. dirham increased in value by 1.91 paisa from 75.74 a day ago to 75.72.

Looking at the broader picture, during the current financial year, the PKR has appreciated against the dollar by 7.8 rupees, or 2.8 per cent.

Meanwhile, in the current calendar year, the PKR has appreciated by 3.67 rupees, or 1.32 per cent.