Interbank closing: PKR gains 17 paisa against USD

WEB DESK: The Pakistani rupee (PKR) experienced a slight appreciation against the US dollar (USD) in the inter-bank market on Thursday, gaining 0.06 per cent.

According to the State Bank of Pakistan (SBP), the local currency closed at 278.30, marking an increase of Re0.17 from the previous day’s close of 278.47, which had seen a decline of Re0.08.

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

In terms of other major currencies, the PKR demonstrated mixed performance. Against the Euro, the rupee appreciated by 63.34 paisa, closing at 301.68 compared to the previous value of 302.31. The British Pound saw a reduction in value by 1.03 rupees, with the PKR closing at 353.86 from 354.89 a day earlier.

The Swiss franc declined by 60.66 paisa, ending the session at 304.44 compared to 305.04 previously. The PKR also gained 0.43 paisa against the Japanese Yen, closing at 1.7759 versus 1.7802 from the previous session.

However, the Chinese Yuan saw a marginal loss of 4.96 paisa, ending at 38.42 against the prior value of 38.46. The Saudi Riyal decreased by 4.62 paisa to close at 74.2 from 74.25, and the U.A.E Dirham dropped by 4.82 paisa, closing at 75.82 from 75.77.

The rupee has largely maintained stability around these levels for several months. This steadiness comes as Pakistan looks forward to securing another bailout programme with the International Monetary Fund (IMF), following the conclusion of its previous $3-billion Stand-By Arrangement (SBA).

The forthcoming IMF programme is seen as vital for sustaining currency stability.

On the global stage, the US dollar hovered near a one-week high on Thursday, following its strongest performance this month against major peers. This surge came after minutes from the latest Federal Reserve meeting indicated a potential for further interest rate hikes.

The dollar index, which measures the greenback against six major currencies including the euro, sterling, and yen, remained steady at 104.89 after a 0.28 per cent gain overnight.

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