PKR marks fourth consecutive win, closes at Rs285 vs dollar

WEB DESK: The Pakistani rupee (PKR) continued its upward trend, gaining 66.44 paisa against the US dollar (USD) in Wednesday’s interbank session, settling at PKR 285.13—a decrease from the previous day’s closing of PKR 285.79 per USD.

The intraday range for the local unit was 285.54 (high bid) to 285.25 (low ask).

In the open market, the PKR strengthened by 25 paisa, with exchange companies quoting buying at Rs284 and selling at Rs287, compared to the previous closing rates of Rs284.25 and Rs287.25, respectively. Notably, this marks the PKR’s fourth consecutive gain against the US dollar.

Against major currencies, the PKR showed strength, gaining 1.95 rupees against the Euro, closing at Rs311.33 versus the previous value of Rs313.28.

The British Pound saw a decrease of 84.69 paisa, closing at Rs357.32 compared to Rs358.17 the day before. The Swiss Franc experienced a loss of 80.72 paisa, closing at Rs322.83 compared to the previous session’s Rs323.64.

Against the Japanese yen, the PKR gained 2.36 paisa, closing at 1.915 compared to 1.939 the previous day.

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The Chinese Yuan lost 17.32 paisa, closing at Rs39.9061 against Rs40.0793 from the previous session. The Saudi Riyal closed at Rs76.02 with a loss of 17.92 paisa from its value of Rs76.2 a day ago.

The UAE dirham decreased by 17.78 paisa from 77.811 to 77.634.

In the current financial year, the PKR has appreciated against the dollar by 0.87 rupees, or 0.3 per cent.

However, in the current calendar year, it has depreciated by 58.69 rupees, or 20.59 per cent. In the money market, the benchmark 6-month Karachi Interbank bid and offer rates increased by 7 basis points to 21.15 per cent and 21.4 per cent, respectively.